Manitoulin Transport will no longer acquire less-than-load transportation company Vitran, after the agreement to purchase was terminated. Vitran will now be acquired by TransForce instead.
In a news release, Vitran said TransForce offered a “superior” purchase proposal and Manitoulin had waived its right to match the TransForce proposal.
“Vitran and Manitoulin Transport have agreed to terminate the Manitoulin agreement concurrent with the entering into of the TransForce agreement, and the termination fee of US$4 million payable to Manitoulin Transport is in the process of being paid by Vitran,” according to the release.
Manitoulin Transport, established in 1953, is a family-run company headquartered in Gore Bay on Manitoulin Island. As a single-source carrier, Manitoulin offers a wide array of trucking services including expedited less-than-truckload and truckload, trans-border, intermodal, private fleet, guaranteed service, temperature-controlled, dangerous goods and supply chain management.