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Titanium Transportation Closes Management‑Led Buyout
Company Said Shares Are Expected to Be Delisted From the Toronto Stock Exchange
Titanium Transportation Group completed its sale to a management-backed buyer, closing a previously announced take-private transaction that values the company at $2.22 per share.
The transaction closed March 31 and transferred ownership of the transportation and logistics provider to TTNM Management Acquisition Ltd. The purchaser acquired all issued and outstanding common shares of Bolton, Ontario-based Titanium, excluding shares held by rollover shareholders, the company said.
Shareholders approved the transaction at a special meeting held March 10. The arrangement also received approval from the Ontario Superior Court of Justice’s Commercial List on March 18.
RELATED: Canada’s Titanium Transportation Buys Georgia’s Crane
Following the closing, Titanium prepared to exit public markets. The company had said its shares were expected to be delisted from the Toronto Stock Exchange on or about April 2. Titanium also plans to apply to cease being a reporting issuer under Canadian securities laws in all jurisdictions where it currently has that status.
Under the terms of the deal, shareholders are entitled to receive $2.22 in cash for each common share. Registered shareholders must submit required documentation to the company’s depositary to receive payment, while shareholders whose stock is held through brokers or other intermediaries are expected to act through those firms.
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