Trimac Transportation shares jump after major shareholder announces plan to go private

, Financial News

Major shareholders of Trimac Transportation proposed a deal on Monday that would pay the minority shareholders $6.25 per share as part of a transaction to take the company private.

CALGARY – Shares in Trimac Transportation Ltd. jumped 11 per cent Monday morning after the trucking company’s major shareholder announced a plan to go private.

Jeffrey McCaig, who is also one of the owners of the Calgary Flames NHL franchise, along with other members of the McCaig family own or control 17.8 million Trimac shares, or 65 per cent of the company, which is headquartered in Calgary and has a $175 million market cap.

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The major shareholders proposed a deal on Monday that would pay the minority shareholders $6.25 per share as part of a transaction to take the company private. Shares in Trimac haven’t reached $6.25 since June 2015, and have hovered in the $5 range for much of the past year.

A release from the company stated that a committee of independent directors will review the proposed deal, and an independent valuator has been retained to review the price of Trimac’s shares.

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