Contrans takeover can go ahead
MONTREAL, Que. — TransForce Inc. has been given the go-ahead to proceed with its purchase of Contrtans Group Inc.
The Montreal-based company received what is known as a “no-action letter” from the Competition Bureau, which means that there is no government objection to the deal, and that TransForce has obtained the Competition Act Approval necessary under the law to take the next steps to finalize the purchase.
TransForce’s offer to purchase all of Contrans’ Class A and Class B voting shares, thereby taking ownership of Woodstock, Ont.-based Contrans, is set to expire on November 11, so getting the approval before that date was necessary.
“We are very pleased to have received approval from the Competition Bureau, which will enable us to close this transaction” said TransForce chair, president and CEO Alain Bédard. “We look forward to completing the deal on the terms set out in our circular.”
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Yet TRANSFORCE announced the possible sell off of their TRUCK LOAD and WASTE div within the next year, so what is the big need to get hold of CONTRANS ?