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ROADWAY SERVICES, INC. AND CENTRAL FREIGHT LINES ANNOUNCE COMPLETION OF NEGOTIATIONS

 AKRON, Ohio, Dec. 31 /PRNewswire/ -- Roadway Services, Inc. (NASDAQ: ROAD) and Central Freight Lines Inc. announced today that they have completed negotiations and entered into a definitive agreement for the merger of Central and a wholly owned subsidiary of Roadway Services, as a result of which Central will be the surviving corporation and become a wholly owned subsidiary of Roadway Services. On Nov. 23, 1992, the companies announced that they had reached an agreement-in-principle relating to the proposed merger.
 In the merger, the outstanding shares of common stock of Central will be converted into cash at $104.50 per share, for a total consideration of approximately $102 million. The transaction must be approved by Central's shareholders and is subject to certain other conditions, including regulatory approvals. No date has been set for the Central shareholders' meeting; however, the transaction is presently expected to close in early April, 1993.
 Central operates 76 terminals serving all of Texas and points in New Mexico, Oklahoma, Arkansas and Tennessee. Service to Louisiana will begin in 1993.
 Roadway Services also owns Roadway Express, Inc., one of the nation's largest motor carriers; Roadway Package System, Inc., a carrier serving shippers in the small package market; Viking Freight System, Inc., Spartan Express, Inc., and Coles Express, Inc., regional carriers serving the Western region, Central and Southern regions, and New England region, respectively; Roberts Express, a critical shipment carrier; and Roadway Logistics Systems, Inc., which provides contract logistics services.
 -0- 12/31/92
 /CONTACT: D. A. Wilson of Roadway Services, Inc., 216-384-2378, or C. Tom Clowe, Jr. of Central Freight Lines Inc., 817-772-2120/
 (ROAD)


CO: Roadway Services, Inc.; Central Freight Lines Inc. ST: Ohio IN: TRN SU: TNM

LC -- CL010 -- 0960 12/31/92 15:14 EST
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Publication:PR Newswire
Date:Dec 31, 1992
Words:289
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