Arcbest Corp/DE – ‘8-K’ for 8/18/94 – EX-28

As of:  Monday, 8/29/94   ·   For:  8/18/94   ·   Accession #:  894405-94-14   ·   File #:  0-19969

in

this entire Filing. an “Entity” Search.

Show

Documents searched

and

each “hit”. the 1st “hit”.

↓↑Hints

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         4     10K 
 2: EX-28       Information from a Report Furnished to State           1      7K 
                          Insurance Regulatory Authorities                       

EX-28   —   Information from a Report Furnished to State Insurance Regulatory Authorities

FOR IMMEDIATE RELEASE   

ARKANSAS BEST CORPORATION   
ANNOUNCES ACQUISITION OF CLIPPER EXXPRESS   
(NASDAQ/NMS:  "ABFS")   

   (Fort  Smith,  Arkansas, August 18, 1994) -- Arkansas Best  Corporation
(the  "Company")  announced today that it has entered into  an  agreement  to   
purchase   all   of  the  stock  of  Clipper  Exxpress  and  two   affiliated   
transportation  companies  for  a total consideration  of  approximately  $60   
million in cash, subject to certain closing audit adjustments.                  

  Clipper Exxpress has been engaged in transportation as a non-asset based
intermodal  marketing and freight logistics company since 1938.  Clipper  was   
founded  by  the  late  Jerry  Chambers, a visionary  in  the  transportation   
business.                                                                       

   Robert  A. Young, III, President - CEO of the Company said "the Clipper
acquisition  will  provide us with a strong entry into a very  different  and   
rapidly growing segment of the transportation market.  We anticipate that  it   
will  continue to be headquartered in Lemont, Illinois (a suburb of  Chicago)   
and   operated  separately  and  distinctly  from  the  other  Arkansas  Best   
subsidiaries.   It is our intention that Clipper's management  will  continue   
their very able and experienced management roles with no changes in personnel   
anticipated as a result of the change in control.                               

   "Clipper  is  a  truly multi-modal transportation company  that  is  an
excellent strategic fit with current year revenues for the acquired companies   
expected to be in the $140 million range," Mr. Young added.                     

   The Company said that it will use cash on hand and funds provided under
its existing lines of credit to finance the acquisition.                        

   The  completion of the transaction is subject to the receipt of certain
regulatory approvals and other customary conditions, and is expected to  take   
place within the next 45 to 60 days.                                            

  The Company, through subsidiaries, is engaged in nationwide LTL trucking
primarily through ABF Freight System, Inc. and truck tire retreading and  new   
tire sales through its approximately 46%-owned subsidiary, Treadco, Inc.        

END OF RELEASE                                                                  

For  further  information, contact Mr. Randall Loyd,  Director  of  Financial   
Reporting, at (501) 785-6200.                                                   

Dates Referenced Herein

This ‘8-K’ Filing		Date		Other Filings
Filed on:		8/29/94		None on these Dates
For Period End:		8/18/94
				List all Filings