New Zealand firm buys Target Logistics

New Zealand firm buys Target Logistics International and domestic freight forwarder Target Logistics said it reached an agreement to sell the company to Mainfreight Ltd. for $53.7 million in cash.
   Under terms of the agreement, holders of Target Logistics' common stock will receive $2.50 in cash per share of common stock, representing a 36.6 percent increase over Target Logistics' closing price on Sept. 17, a 38.0 percent premium over the company's one-month average closing price and a 28.8 percent premium over the company's three-month average closing price.
   Mainfreight is based in New Zealand and also has logistics operations in the United States, Australia and Asia. It had NZ$968 million in revenue in its latest fiscal year.
   The acquisition of    Carson, Calif.-based Target Logistics fits with Mainfreight’s international expansion strategy and grow its presence in the United States.
   The deal is expected to be completed in the fourth quarter.