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Stock Market & Financial Investment News

News Breaks
December 9, 2013
20:03 EDTVTNCVitran to be acquired by Manitoulin Transport for $6.00 per share
Vitran Corporation announced that it has entered into a definitive arrangement agreement under which an affiliate of Manitoulin Transport will acquire all of the issued and outstanding shares of Vitran for $6.00 in cash per share. The total transaction, including the assumption of Vitran's outstanding net debt of approximately $29M at October 31, is valued at approximately $128M. The $6.00 share price represents a 10.3% premium to Vitran's closing price on December 9, and a 38.2% premium to the closing price on September 20, the day before the announcement of the sale of Vitran's US LTL business. The deal has been unanimously approved by the board of directors of Vitran and is subject to approval by the shareholders of Vitran at a special meeting expected to be held in February and subject to final approval of the Ontario Superior Court of Justice; it is expected to close in late February or early March 2014.
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