TORONTO — Student Transportation of America Ltd. (STA) has announced that it has offered to acquire all of the outstanding common shares of Canadex Resources Limited for $5.72 per share and outstanding Class A preferred shares for $1.00 per share.

Canadex is a transportation and energy company consisting of two separately managed business segments. The school bus division is one of the largest independent school bus operators in Ontario.

Commenting on the offer, STA Chairman and CEO Denis J. Gallagher said, "This is a strategic acquisition for STA and our largest investment in Canada. Once the deal is closed, it will increase our Canadian revenues by 67 percent.”

As a result of the deal, STA’s subsidiary Student Transportation of Canada (STC) will have over $40 million of revenues in Canada and will be the country's third largest provider of school transportation services, Gallagher said.

The board of directors of Canadex has unanimously resolved to recommend that holders of Canadex common and preferred shares accept the offer.

The offer will be conditional upon acceptance by shareholders as well as receipt of all necessary regulatory approvals.