Vitran shareholders have approved the acquisition of its Canadian assets by a subsidiary of TransForce for $6.50 per share.
The deal had been announced in December after an initial agreement between Vitran and Manitoulin was countered by TransForce. Nearly 95 percent of Vitran's shareholders approved the deal, which still has to be approved by the Ontario Superior Court of Justice, which has to make sure the arrangement doesn't violate the Competition Act.
In a meeting notice circulated in February, William Deluce, Vitran's interim president and chief executive officer, laid out the arrangement, urging shareholders to approved the acquisition proposal.
"The board has unanimously determined that the arrangement is in the best interests of the company, that the consideration proposed to be paid to shareholders ... is fair from a financial point of view to such shareholders and to recommend that shareholders vote for the arrangement resolution," he wrote. "Each director and senior officer of the company intends to vote … for the arrangement resolution."
Vitran sold its U.S. business in October.