MONTREAL - TransForce Inc. (TSX:TFI) says it has received sufficient shareholder support for a $495-million cash takeover offer for the Ontario-based Contrans trucking group but continues to await a response from Canadian competition authorities.
The Montreal-based company says it has been in discussions with the Competition Bureau and expects the 30-day waiting period will expire on Wednesday. As a result, TransForce has extended the offer deadline to Nov. 11.
The deal would add Contrans to one of Canada's's largest trucking and logistics groups, if it's approved.
Shareholders of Woodstock-based Contrans Group (TSX:CSS) would receive $15 a share, including $14.60 cash from TransForce and a special dividend of 40 cents per share from Contrans.
TransForce says it has received shares or offers of support representing 70 per cent of the Contrans class A shares and all of the multiple-vote class B shares, providing more than the two-thirds majority required under the offer.
Contrans shares closed Thursday at $14.85 while shares of Montreal-based TransForce closed at $27.39.
