Jevic Transportation agrees to be acquired
By Staff -- Purchasing, 7/15/1999 2:00:00 AM
Jevic Transportation Inc. has entered an agreement under which Yellow Corp. will commence a tender offer to acquire all shares of Jevic stock at a cash price of $14 per share.
When this is completed, Jevic will become part of Yellow Corp. and existing Yellow Corp. debt facilities. This could be completed by the third quarter.
Jevic is a fully integrated regional and inter-regional less-than-truckload and partial truckload carrier of general commodity freight in the United States.
The merger agreement is subject to termination by Jevic if it receives a better offer.
"Joining a group of excellent regional companies is an exciting opportunity for Jevic," says Harry Muhlschlegel, who will remain as chief executive officer of Jevic.
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