Canadian trucking giant TransForce closed its $248 million acquisition of Dynamex Tuesday, outbidding transportation investment group Greenbriar Equity.
TransForce was the unnamed "excluded party" in a bidding war that doubled the per share value of the same-day delivery carrier's stock over three months.
The purchase expands $1.8 billion TransForce's same-day business in Canada and gives it a major inroad to the U.S., which accounts for 62 percent of Dynamex's sales.
Dynamex joins a long list of TransForce subsidiaries. The group owns several less-than-truckload carriers, including Canadian Freightways and TST Overland Express, package carrier Canpar, 29 truckload carriers operating in Canada and the U.S. and several specialized logistics, fleet management and oil-related companies.
Dynamex's Canadian sales rose about 6 percent in its last fiscal year. The Dallas-based company reported $406.5 million in revenue in its last fiscal year, with nearly 40 percent -- roughly $154 million -- of those sales sourced in Canada.
Greenbriar Equity first bid $210 million for publicly owned Dynamex in October, and raised that bid to $238 million to counter an offer from TransForce. TransForce upped its bid to $248 million in early December.
The bidding war drove the per share value of Dynamex stock from about $12 in September to just over $25 -- the per share amount bid by TransForce.
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