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YELLOW FREIGHT EXTENDS PRESTON TENDER OFFER

 OVERLAND PARK, Kan., Feb. 5 /PRNewswire/ -- Yellow Freight Systems, Inc. (NASDAQ-NMS: YELL) of Delaware (Yellow Freight) announced today that Yellow Freight Acquisition Corp., a wholly owned subsidiary of Yellow Freight, is extending its tender offer for all outstanding shares of common stock (including the associated preferred stock purchase rights) of Preston Corporation (NASDAQ: PTRK) and withdrawal rights until 12 midnight, New York City time, on Tuesday, Feb. 16, 1993, unless further extended.
 Yellow Freight stated that the offer is being extended to permit the exemption granted by the Interstate Commerce Commission (ICC) to become effective. Notice of the exemption was filed in the ICC Register on Dec. 16, 1992 and, unless an objection is filed with the ICC prior to the close of business on Feb. 16, 1993, the exemption will become effective at such time.
 Yellow Freight also announced that as of the close of business on Feb. 5, 1993, approximately 4,471,667 shares of Preston common stock had been tendered (including approximately 34,501 shares tendered pursuant to notices of guaranteed delivery) pursuant to the offer, which constitutes approximately 77.65 percent of the issued and outstanding shares. In the offer (as previously announced), Yellow Freight Acquisition Corp. is offering $4.125 per share (plus associated preferred stock purchase right) in cash, subject to the terms and conditions set forth in the offer.
 Yellow Freight, Overland Park, is a holding company with subsidiaries specializing in longhaul LTL transportation, logistics management and technology services. The companies serve customers throughout the United States, Puerto Rico, Canada and Mexico. LTL longhaul service is also available to Europe via an alliance with The Royal Frans Maas, a Netherlands-based transportation and logistics company.
 -0- 2/5/93
 /CONTACT: Linda George of Yellow Freight System, 913-967-4383, or Jeanne M. Carr of MacKenzie Partners, 212-929-5916, for Yellow Freight System/
 (YELL PTRK)


CO: Yellow Freight System, Inc.; Preston Corporation ST: Kansas IN: TRN SU:

AL -- NY070 -- 3760 02/05/93 18:01 EST
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Publication:PR Newswire
Date:Feb 5, 1993
Words:328
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