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.

Have your say

This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.