Thursday, May 09, 2013

YRC made bid to acquire ABF Freight

The company that is a target of a $750 million lawsuit filed by Fort Smith-based Arkansas Best Corp. recently made an attempt to buy Arkansas Best’s largest subsidiary, ABF Freight System.

According to this report from trade publication DC Velocity, YRC Worldwide CEO James Welch met March 22 in Fort Smith with Arkansas Best President and CEO Judy McReynolds to discuss the idea.

According to the DC Velocity report, Arkansas Best officials declined a detailed discussion on the YRC offer, and have said no further talks have been held on the matter.

Neither company has made a filing with the U.S. Securities and Exchange about the meeting. A 10-Q filed Wednesday (May 8) with the SEC by Arkansas Best did not include mention of the meeting between McReynolds and Welch.

ABF generates about 78% of Arkansas Best revenue.  Full story here...........

No comments: