YRC confirms it made proposal to acquire Arkansas Best Corp.
Arkansas Best said in a regulatory filing that competitor YRC Worldwide approached it in late March to inquire about buying its ABF Freight System unit.
The Trucker News Services
OVERLAND PARK, Kan. — YRC Worldwide Inc. Thursday confirmed that it had made a preliminary proposal to acquire Arkansas Best Corp. based in Fort Smith, Ark.
YRCW officials said Arkansas Best President and CEO Judy McReynolds had shared the proposal and discussed it with the company's board of directors, but declined to enter into talks with YRC because the "timing was not right to consider such a transaction."
James Welch, chief executive officer of YRC, said, "Our board and management believed then and believes now that the combination of Arkansas Best and YRCW would be in the best interests of all employees, customers and shareholders of both companies. We remain committed to continuing the great strides we have made at YRCW."
Arkansas Best said in a regulatory filing that competitor YRC Worldwide approached it in late March to inquire about buying its ABF Freight System unit, but Arkansas Best rejected the overture.
Arkansas Best said its Security and Exchange Commission filing was “in response to a third-party inquiry” and that it has not engaged in any subsequent discussions with YRC.
Neither company immediately responded to calls concerning the proposal.
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