Vitran Corp. said shareholders on March 5 approved the sale of the less-than-truckload service to TransForce Inc.
The agreement that was approved by the holders of the Toronto-based company’s shares calls for a TransForce subsidiary to acquire Vitran shares that it does not already own for $6.50 per share. More than 90% approved the sale.
TransForce held about 20% of Vitran shares before the companies arranged the transaction. Vitran last year pulled out of its unprofitable LTL operations in the United States but maintained a profitable Canadian service.
Vitran also said the sale won’t be completed March 7, as previously announced. A new closing date wasn’t stated.
Vitran ranks No. 40 on the Transport Topics Top 100 listing of U.S. and Canadian for-hire carriers. TransForce is No. 8.