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TNT FREIGHTWAYS CORPORATION ANNOUNCES STOCK REPURCHASE

 ROSEMONT, Ill., March 6 /PRNewswire/ -- TNT Freightways Corporation (NASDAQ: TNTF) announced today that it has entered into a definitive agreement to purchase, on or before March 10, 1993, from certain subsidiaries of TNT Limited, 3,686,218 shares of TNT Freightways common stock (approximately 20 percent of the shares issued and outstanding prior to the repurchase) for $19 per share (approximately $70 million in the aggregate). Following the repurchase, TNT Limited will no longer beneficially own any TNT Freightways stock and TNT Freightways will have approximately 14.4 million shares outstanding.
 "Cam" Carruth, president and chief executive officer of TNT Freightways, commented: "Acquiring TNT Limited's entire block of stock at an attractive price is an excellent opportunity to enhance value for our remaining shareholders and to eliminate the market overhang represented by TNT Limited's shares. The additional leverage required is, I believe, prudent when compared to the potential long-term benefit to our shareholders."
 The repurchase was approved unanimously by an independent committee of TNT Freightways' board comprised of outside directors unaffiliated with TNT Limited, who received an opinion as to the fairness of the transaction from an investment banking firm. The repurchase will be funded by borrowings under the TNT Freightways existing revolving credit facility, which has been amended to increase available credit from $120,000,000 to $160,000,000. In light of the pending repurchase, TNT Limited's subsidiaries have abandoned the previously announced planned public offering of their TNT Freightways stock.
 TNT Freightways Corporation operates a group of regional less-than- truckload general commodities motor carriers in the United States. These regional trucking subsidiaries provide overnight and second-day delivery service throughout the United States and into Canada. The company's logistics subsidiaries, TNT Contract Logistics, TNT Distribution Services, and TNT Auto Warehousing, provide specialized and dedicated services in management, distribution and automobile port processing.
 -0- 03/06/93
 /CONTACT: Chris Ellis of TNT Freightways, 708-696-0200/
 (TNTF)


CO: TNT Freightways ST: Illinois IN: TRN SU:

AH -- NYSA007 -- 3706 03/06/93 16:57 EST
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Publication:PR Newswire
Date:Mar 6, 1993
Words:333
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