We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
  • INDUSTRY PRESS ROOM
  • ABOUT
  • CONTACT
  • MEDIA FILE
  • Create Account
  • Sign In
  • Sign Out
  • My Account
Free Newsletters
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC
    • Podcast
    • Webcasts
    • Blogs
      • One-Off Sound Off
      • Global Logistics and Risk
      • Empowering Your Performance Edge
      • Analytics & Big Data
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • Parcel Forum 2022
    • MODEX 2022
    • Upload Your Video
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC
    • Podcast
    • Webcasts
    • Blogs
      • One-Off Sound Off
      • Global Logistics and Risk
      • Empowering Your Performance Edge
      • Analytics & Big Data
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • Parcel Forum 2022
    • MODEX 2022
    • Upload Your Video
Home » YRC rebuffed in move to acquire ABF, ABF's parent says
newsworthy

YRC rebuffed in move to acquire ABF, ABF's parent says

May 8, 2013
Mark B. Solomon
No Comments

Less-than-truckload carrier YRC Worldwide, Inc. approached Arkansas Best Corp., the parent of ABF Freight System, Inc., in late March with an interest in buying the Arkansas Best LTL unit, but was subsequently rebuffed, Arkansas Best said tonight.

In a statement e-mailed to DC Velocity, Arkansas Best said YRC expressed an interest in "exploring an acquisition of ABF," which accounts for about 80 percent of Arkansas Best's total business. YRC CEO James L. Welch met March 22 with Arkansas Best President and CEO Judy McReynolds at Arkansas Best's headquarters in Fort Smith, Ark., to discuss a possible business combination.

However, Arkansas Best told YRC in early April that a "transaction with YRC was not appropriate at that time," Arkansas Best said in the statement. ABF said it was too focused on contract negotiations with the Teamsters union, as well as "other strategic and operational initiatives" to seek an involvement with YRC at the time, according to the Arkansas Best's statement.

Arkansas Best has not held subsequent discussions with YRC, the Fort Smith, Ark.-based company said.

A copy of the statement is also being filed with the Securities and Exchange Commission.

In a March 25 letter to McReynolds, Welch wrote that YRC's board and management is "very supportive of our desire to work with ABF in an attempt to move a transaction forward. We think our indication of consideration is appropriate and meaningful for the shareholders of ABF."

The letter's contents contained no details about what a possible combination might look like. Welch told McReynolds that YRC "has spent a considerable amount of time thinking about both the strategy and strategic initiatives for our company." He provided no specifics in the letter.

A representative of Overland Park, Kan.-based YRC was not available to comment.

Last Friday, ABF and national leaders of the Teamsters union agreed on a tentative five-year labor contract. The agreement must still be approved by leaders of Teamster locals representing about 7,500 rank-and-file workers, and then by the rank-and-file itself.

Transportation Trucking
KEYWORDS ABF Freight System Inc. YRC Worldwide
  • Related Articles

    Hoffa slams YRC for "secret effort" to buy ABF in midst of contract talks

    ABF parent to buy Panther Expedited

    Appeals court reverses lower court ruling that ABF lacked standing to sue YRC, Teamsters

Marksolomon
Mark Solomon joined DC VELOCITY as senior editor in August 2008, and was promoted to his current position on January 1, 2015. He has spent more than 30 years in the transportation, logistics and supply chain management fields as a journalist and public relations professional. From 1989 to 1994, he worked in Washington as a reporter for the Journal of Commerce, covering the aviation and trucking industries, the Department of Transportation, Congress and the U.S. Supreme Court. Prior to that, he worked for Traffic World for seven years in a similar role. From 1994 to 2008, Mr. Solomon ran Media-Based Solutions, a public relations firm based in Atlanta. He graduated in 1978 with a B.A. in journalism from The American University in Washington, D.C.

Recent Articles by Mark Solomon

Coming together for road safety: interview with Joshua Girard

Off the rails

Freight rate spikes shaking up the C-suite

You must login or register in order to post a comment.

Report Abusive Comment

Most Popular Articles

  • Schneider welcomes first battery-electric truck

  • Fred Smith is not worried about Amazon

  • Outlook 2023: What’s in store for logistics/supply chain?

  • Ports, maritime operators see tide turning as ocean freight tsunami subsides

  • In Person: Steve Beverly of Penske

Now Playing on DCV-TV

D991bf51 52ad 4867 98ff b56f4fe5dd93

State of the Industry: Fluctuations & Normalcy

DCV-TV 4: Viewer Contributed
In this second of a four-part State of the Industry video series, Greg Orr shares insights on the shifting fortunes of a cyclical truckload market and what passes for normalcy in this economy. The truckload market is famous for its boom-and-bust cycles. A downturn in the economy sends the market reeling with too...

FEATURED WHITE PAPERS

  • The five best applications for robotic lift trucks in warehouse environments

  • Fulfillment Facility Improved Efficiencies by 4x

  • 3PLs: Complete Orders Faster with Flexible Automation

  • Reusable Packaging for the New Wave of Supply Chain Automation

View More

Subscribe to DC Velocity Magazine

GET YOUR FREE SUBSCRIPTION
  • SUBSCRIBE
  • NEWSLETTERS
  • ADVERTISING
  • CUSTOMER CARE
  • CONTACT
  • ABOUT
  • STAFF
  • PRIVACY POLICY

Copyright ©2023. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing