TransFinancial Holdings, Lenexa, Kan., the parent of regional less-than-truckload carrier Crouse Cartage Co., will become a privately owned company under terms of a buyout by three of the company’s directors.
Chairman William D. Cox, Vice Chairman Roy R. Laborde and President Timothy P. O’Neill agreed to pay $6.03 a share for all of the stock they don’t already own. The company has approximately 3.2 million shares outstanding.
The price is higher than the original offer of $5.25 a share announced in June. An independent committee of directors negotiated the sale price after getting advice from independent legal counsel and an outside investment firm.
“This transaction will remove the burdensome costs and reporting requirements associated with a public entity,” O’Neil said in a press release, “and will provide stability and continuity of the ownership and management team.”
For the full story, see the Oct. 25 print edition of Transport Topics. .
