Celadon Group reports development in Burlington Motor Carrier bid.INDIANAPOLIS--(BUSINESS WIRE)--June 26, 1996--Celadon Group Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CLDN CLDN Calling Line Directory Number CLDN Claudin (gene family) ) today announced that a competing bidder surpassed Celadon's bid for the acquisition of certain assets of Burlington Motor Carriers. The auction took place in Wilmington, Del. on June 24, 1996, with Court approval occurring June 25, 1996. As a result of being overbid o·ver·bid v. o·ver·bid, o·ver·bid·den or o·ver·bid, o·ver·bid·ding, o·ver·bids v.tr. 1. To outbid (a person) for something, as at an auction. 2. , Celadon will receive a breakup fee of $500,000 and reimbursement of its expenses up to $250,000. Steve Russell, chief executive officer of Celadon stated that "although we are disappointed with the outcome of the auction, we will continue our search for strategic acquisitions in the North American truckload market." Celadon Group Inc. is a truckload company and leader in movements between NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's countries. CONTACT: Celadon Group Inc. Don S. Snyder, 317/972-7000 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion