CF ends merger negotiations

MENLO PARK, Calif. — Consolidated Freightways Corp. said it halted acquisition talks with an unnamed company after heavy trading of its shares.

In a statement issued yesterday, the company confirmed it had been holding discussions. “It is the company’s policy as a general matter not to comment on market rumors, and it does not undertake to do so in the future,” the company said.

Consolidated Freightways’ shares rose 1 1/16 to 17 3/4 in trading of 1.48 million, almost nine times the three-month daily average of 165,226.

There was speculation that CF, the third-largest less-than-truckload carrier in the U.S., would merge with Yellow Corp. of Overland Park, Kan., the second-largest LTL specialist behind United Parcel Service.

Shares in both companies trade on the NASDAQ stock exchange.

Consolidated Freightways Corp. is comprised of Consolidated Freightways, Calgary-based Canadian Freightways Ltd., Epic Express of Toronto, customs broker Milne & Craighead, and Canadian Sufferance Warehouses.


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