Canadian transportation firm TransForce Inc. said it has offered to buy the Canadian operations of Vitran Corp., which is planning to sell its United States business to company owned by trucking magnate Matthew Moroun.
In a letter to Vitran’s board of directors, it said it would like to keep Vitran’s operations separate from TransForce’s other business, the company said in a Sept. 23 statement.
“TransForce is very keen that the existing management team remain with Vitran going forward to continue to execute their business plan,” the statement said.
TransForce owns 9.51% of Vitran. It has offered $4.50 per share and said the offer is contingent upon the sale of Vitran’s U.S. operations closing.
In its own statement Sept. 26, Vitran confirmed that it received the proposal and would review it.
The same day, TransForce reported that it acquired Total Delivery systems, a Victoria, B.C.-based parcel delivery company. The acqusition was made through TransForce subsidiary Dynamex Canada.