Vitran to be Acquired by TransForce for $6.50/Share in Cash

Vitran Corporation

announced today that it has entered into a definitive arrangement agreement (the "TransForce Agreement") with TransForce Inc. ("TransForce") pursuant to which TransForce has agreed to acquire all of the outstanding common shares of Vitran not already owned by TransForce for US$6.50 in cash per share, in accordance with TransForce's prior proposal. On December 20, 2013, the board of directors of Vitran determined that TransForce's proposal was a "superior proposal" for the purposes of the arrangement agreement (the "Manitoulin Agreement") among Vitran, 2398946 Ontario Inc. and North Channel of Georgian Bay Holdings Ltd. (collectively, "Manitoulin Transport"), dated December 9, 2013. Manitoulin Transport waived its right to match the TransForce proposal. Vitran and Manitoulin Transport have agreed to terminate the Manitoulin Agreement concurrent with the entering into of the TransForce Agreement and the termination fee of US$4.0 million payable to Manitoulin Transport is in the process of being paid by Vitran. Approvals and Closing Conditions The transaction with TransForce is structured as a Plan of Arrangement under the Business Corporations Act (Ontario) (the "Arrangement"). The Arrangement has been unanimously approved by the