TransForce closes Dynamex deal
MONTREAL — TransForce has completed the acquisition of all the outstanding shares for same-day delivery and logistics provider Dynamex.
The $25.00 per share, US$248 million transaction was approved by Dynamex at a special meeting of shareholders held on February 18, 2011.
Dynamex employs more than 1,500 workers and has about 3,700 independent contractors.
It has an extensive network of more than 60 business centers across North America.
The acquisition has been financed by TransForce’s existing credit facilities.
"Dynamex adds a highly respected brand to our package and courier capability," said Alain Bédard, chairman, president and CEO of TransForce.
"Importantly, incorporating Dynamex’s services will open doors for TransForce in the U.S. market."
More than once, TranForce lured Dynamex shareholders away from competing bids by the Greenbriar Equity Group.
Even though Dynamex was locked in a merger agreement with Greenbriar, TranForce’s follow-up offer more than offset a termination fee to the original bidder.
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