FedEx in ‘advanced talks’ to acquire American Freightways
MEMPHIS (Nov. 13, 2000) — FedEx Corp. is in advanced talks to acquire American Freightways Corp. for $900 million to $1 billion in cash and stock, The Wall Street Journal reported today.
FedEx is offering about $28 US a share, the story said, quoting an unnamed source. At 4 p.m. Friday, American Freightways stood at $17.50 on the Nasdaq Stock Market, up $1.13, or 6.9%.
American Freightways, based in Harrison, Ark., is one of North America’s largest less-than-truckload companies. FedEx has been trying to expand beyond the overnight delivery business in order to be seen as a one-stop shipping source.
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