The mystery firm bidding for Dynamex Inc. -- which Desjardins Securities strongly believes is TransForce Inc. -- simply won't back down.
Last week it looked as though Dynamex had settled on a new owner when the board accepted a takeover offer worth $238-million (U.S.) from Greenbriar Equity Group LLC.
But the mystery firm is back with a higher offer worth $240-million, or $25 a share.
At the moment, Dynamex's stock is trading above that level because investors think the bidding war could get even more heated. But Desjardins thinks there isn't much more value in a higher price.
"We believe it will be more difficult for Greenbriar to justify a higher bid as potential synergies are significantly less than what TransForce -- if it is indeed the mystery bidder -- can bring," analyst Benoit Poirier noted.
If Dynamex accepts the new bid, it has to pay the Greenbriar affiliate a $7.7-million termination fee.
Dynamex is a delivery and logistics provider that operates in the United States and Canada. TransForce raised $144-million in November that it said was to be used for acquisitions.
TransForce also told Desjardins this past summer that Dynamex was a potential target.