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TransForce says it's the mystery bidder Add to ...

It really isn't a surprise, but it's worthwhile to note that TransForce Inc. has come forward and said it is the mystery bidder for Dynamex Inc.

The two companies have now signed a $248-million (U.S.) merger agreement, which cancels Dynamex's previous agreement with Greenbriar Equity Group LLC. TransForce offered $25 per share, while Greenbriar had signed a deal for $24 per share.

Cancelling the previous agreement comes at a price. Dynamex must pay Greenbriar a $7.7-million termination fee.

Dynamex is a delivery and logistics provider that operates in the United States and Canada. This summer TransForce's management identified the company as a potential takeover target.

TransForce also raised $144-million in November that it said was to be used for acquisitions.

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