TransForce and Contrans Group announced they have entered into a support agreement for the acquisition by TransForce for $14.60 in cash per share, of all of the issued and outstanding Class A subordinate voting shares and Class B multiple voting shares of Contrans by way of a friendly, board-approved take-over bid. The total equity purchase price is approximately $495 million.

“I have admired the progress of Contrans for some time. Contrans has a culture similar to that of TransForce, strategically acquiring companies that add value for its shareholders. Contrans has a history of profitability, is financially sound and has seen steady growth over the years. From transportation facilities located mostly in Canada, Contrans offers customers a wide array of specialized services. This acquisition provides exciting potential for TransForce, adding strong resources, an excellent client base, and importantly, very strong management,” said Alain Bédard, chairman, president and CEO of TransForce.

The offer is expected to commence on or about August 21, 2014. Following successful completion of the offer, TransForce intends to nominate Stan Dunford, chairman and CEO of Contrans, for election to the TransForce board of directors at the next annual meeting of TransForce’s shareholders, expected to be held in April 2015.