TransForce-Contrans Deal Gets Green Light
MONTREAL- After Contrans accepted TransForce’s $495-million cash takeover offer, the two companies had to wait for approval from the Competition Bureau.
TransForce’s offer was to expire November 11, 2014 and the two trucking firms were still waiting for approval, but on November 5, the Competition Bureau sent a “no-action letter,” giving the acquisition the go-ahead.
“We are very pleased to have received approval from the Competition Bureau, which will enable us to close this transaction,” said TransForce President Alain Bédard. “We look forward to completing the deal on the terms set out in our circular.”
TransForce selling off truckload ops
Earlier this week, TransForce announced their plans to shed its truckload and waste operations in the next few years.
Bédard said the Montreal-based company will spin-off the truckload business, possibly in 2015, followed by the waste division, which includes landfills, possibly a couple years later. For more on this story, click here.
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