SuperValu plans to purchase Total Logistics Inc
Jan 5, 2005 10:00 AM, from staff and wire reports
SuperValu Inc has signed an agreement and merger plan with Total Logistics Inc, a national provider of integrated third-party logistic services with revenues of $253 million in the first nine months of 2004.
Under the terms of the agreement, which was unanimously approved by both companies' boards of directors, SuperValu will pay $28.50 in cash for each Total Logistics share and will assume that firm's outstanding debt, which is estimated to total about $68 million at closing.
With approximately 5.7 million fully diluted Total Logistics shares outstanding, the aggregate transaction value is roughly $233 million, including assumed debt and transaction expenses. The acquisition, which is subject to certain conditions, is anticipated to close within 45 days.
Total Logistics is a Milwaukee WI-based holding company; its two wholly owned subsidiaries, Total Logistic Control (TLC) and Zero Zone, employ about 3,000 people.
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