Yellow-Roadway deal clears another hurdle
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 have satisfied another important condition required for the completion of the Roadway acquisition,' said Bill Zollars, Yellow chairman, president and chief executive officer.
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, Yellow said in a statement.
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.