Target Logistics (TLG)

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Bye, y'all.

Target Logistics to be acquired for $2.50-share, $53.7 mln

By Robert Daniel
Last Update: 3:40 AM ET Sep 18, 2007
TEL AVIV (MarketWatch) -- Target Logistics Inc., (TLG) the Baltimore provider of freight-forwarding and logistics services, definitively agreed to be acquired by Mainfreight Ltd. for $2.50 a share, or $53.7 million. The deal price is a 37% premium to Target Logistics' closing price of $1.83 on Monday. Mainfreight is a New Zealand provider of supply-chain-logistics services. Holders of a majority of Target Logistics stock have agreed to vote for the acquisition, Target said in a statement. The company expects to close the deal in the fourth quarter. BB&T advised Target Logistics on the deal while Downer & Co. and Grant Samuel & Associates advised Mainfreight. End of Story