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CENTRAL SHAREHOLDERS APPROVE ROADWAY MERGER

 WACO, Texas, March 29 /PRNewswire/ -- Employee-owners and direct shareholders of Central Freight Lines Inc. have approved the merger of Central and a wholly-owned subsidiary of Roadway Services, Inc. (NASDAQ: ROAD), as a result of which Central will be the surviving corporation as a wholly-owned subsidiary of Roadway Services.
 At a special Central Freight Lines shareholders meeting in Waco on Saturday, March 27, it was announced that the merger was approved by the affirmative vote of 790,354 shares of Central's 972,466 outstanding shares of common stock, representing an approval rate of 81.27 percent. An affirmative vote of the holders of at least two-thirds (just over 66 percent) of the outstanding shares was required to approve the merger.
 The merger is scheduled to be consummated on April 6. Upon completion of the merger, each outstanding share of Central stock will be converted into the right to receive $104.50 in cash; a total consideration for the transaction of approximately $102 million.
 Central Freight Lines is the largest intrastate common motor carrier in Texas and the country, and one of the country's largest regional motor carriers. In addition to Texas, Central also provides service in New Mexico, Oklahoma, Arkansas, Tennessee and Louisiana. Through five partnership carriers, Central provides service throughout the United States and Mexico.
 Central employs nearly 4,000 people in three hubs and 67 terminals, and operates nearly 7,000 tractors, trucks and trailers.
 The acquisition of Central broadens Akron, Ohio-based Roadway's network of regional carriers, which includes Viking Freight System in the west, Spartan Express in the central and southern states, and Coles Express in the New England area.
 Roadway Services also owns Roadway Express, Inc., one of the nation's largest motor carriers; Roadway Package System, Inc., serving shippers in the small package market; Roberts Express, a critical shipment carrier; and Roadway Logistics Systems, Inc., which provides contract logistics services.
 -0- 3/29/93
 /CONTACT: Tom Burke, director-public relations, of Central Freight


Lines Inc., 817-772-2120, ext. 284/
 (ROAD)


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

TM -- NY100 -- 0712 03/29/93 17:00 EST
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Publication:PR Newswire
Date:Mar 29, 1993
Words:354
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