19 November 2003

Yellow-Roadway deal clears another hurdle

The following article is excerpted from the “American Shipper” on-line edition of 19 November 2003.

Yellow Corp. said Tuesday the Hart-Scott-Rodino waiting period related to its pending acquisition of Roadway Corp. has expired.

The waiting period was related to the U.S. Department of Justice Antitrust Division’s review of the transaction, which would merge two of the industry’s largest less-than-truckload carriers….

Yellow and Roadway are each scheduled to hold special stockholder meetings Dec. 9 to consider approval of the transaction. Assuming approval and the successful completion of financing, the Roadway transaction could close as early as Dec. 11….

Under the deal, originally announced July 9, Yellow will pay $966 million in stock and cash, and assume about $140 million in Roadway debt for a total acquisition cost of about $1.1 billion. Combined revenue for the companies is nearly $6 billion.