USFREIGHTWAYS TO ACQUIRE TRANSPORT CORP. OF AMERICA
USFreightways Corp. has agreed to buy Transport Corp. of America Inc. for about $149 million in stock.
Transport Corp. will become a subsidiary of USFreightways, which owns five other regional trucking companies.
Transport will be acquired in a stock-for-stock transaction, with Transport Corp. receiving 0.412 shares of Freightways common stock for every share of Transport Corp. common stock. The Transaction will result in the issuance of about 3.435 million shares of Freightways common stock.
USFreightways said Transport Corp. will operate as a separate subsidiary, with Robert Meyers, president and chief executive officer of Transport Corp. retaining those titles.