Nouvelle concentration dans la messagerie US
On vient d'apprendre la nouvelle, Yellow-Roadway, né de la fusion de Yellow et de Roadway, vient d'annoncer l'acquisition de USF, acquisition qui devrait prendre effet à l'été 2005, après l'approbation des actionnaires et celle des autorités anti-trust. Rappelons que Yellow a bénéficié en 2002 des difficultés puis de la disparition de Consolidated Freightway qui faisait partie des 4 plus gros groupeurs-messagers nationaux US.
La nouvelle entreprise représentera un volume d'affaires de 9 milliards de $ et regroupera 70 000 employés.
_____
Voir les sites :
http://www.yellowroadway.com/
http://www.usfc.com/usfc/home/index.jsp
____________
Yellow Roadway to acquire USF Corp
Yellow Roadway Corp and USF Corp announced on Saturday that they have entered into a definitive agreement pursuant to which Yellow Roadway will acquire USF for approximately $1.37 billion. (2/28/2005)
The transaction value is based on the Yellow Roadway trailing 90-day closing stock price as of February 18, 2005. Yellow Roadway will also assume an expected $99 million in net USF debt, resulting in a total enterprise value of approximately $1.47 billion.
While the agreement has been unanimously approved by the boards of directors of both companies, the transaction is subject to the approval of shareholders of both companies, and is also subject to the expiration or termination of the waiting period pursuant to the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended, and other customary closing conditions.
The acquisition is expected to close in summer 2005. The combined enterprise is expected to have annual revenue in excess of $9 billion, with over 70,000 employees and 1,000 service locations.
“This is a case of opportunity knocking twice,” said Bill Zollars, chairman, president & CEO of Yellow Roadway. “USF represents an excellent opportunity to leverage the successful strategy that was employed with Roadway. When applied to USF, this includes maintaining the strong separate brand identities, customer interfaces and distinct operations of each business unit.”
Zollars added that Yellow’s strategic rationale for this transaction is focused on enhanced scale, complementary service offerings and significant cost synergies. USF provides Yellow Roadway with immediate and nationwide scale in next-day and regional markets, which are among the fastest growing transportation segments. “Additionally, our logistics and truckload capabilities will be enhanced by the USF service capabilities,” he said.
According to Paul Liska, executive chairman of USF, the transaction creates significant value for USF shareholders, employees and customers from both a near- and long-term perspective. “In addition to the substantial synergies available, the USF companies gain access to industry-leading technology and opportunities to share best practices that will benefit our combined customer bases.”
The transaction is expected to be accretive to Yellow Roadway earnings per share within twelve months of closing. Approximately $40 million of net synergies are expected within the first twelve months along with run rate synergies of $80 million per annum after the first twelve months. Longer-term synergy opportunities are estimated to be at least $150 million per annum in total.
Upon the closing of the transaction, the following individuals will lead the key divisions of the combined entity and report directly to Zollars:
• Jim Staley, current president of the Roadway Group, will become president of the Yellow Roadway regional companiesm which will include New Penn Motor Express, USF Holland, USF Reddaway, USF Dugan and USF Bestway. Staley will also be responsible for the truckload unit of USF, Glen Moore.
• Bob Stull, who currently reports to Jim Staley as president of Roadway Express, will continue in that role and report directly to Zollars.
• James Welch, president of Yellow Transportation, will continue in that role.
• Jim Ritchie will continue as president of Meridian IQ, the logistics unit of Yellow Roadway, which will include the operations of USF Logistics.
• Mike Smid will remain as president of Yellow Roadway Enterprise Services and chief integration officer.
It is anticipated that one current member, yet to be determined, of the USF board of directors will join the Yellow Roadway board of directors upon the closing of the acquisition.
La nouvelle entreprise représentera un volume d'affaires de 9 milliards de $ et regroupera 70 000 employés.
_____
Voir les sites :
http://www.yellowroadway.com/
http://www.usfc.com/usfc/home/index.jsp
____________
Yellow Roadway to acquire USF Corp
Yellow Roadway Corp and USF Corp announced on Saturday that they have entered into a definitive agreement pursuant to which Yellow Roadway will acquire USF for approximately $1.37 billion. (2/28/2005)
The transaction value is based on the Yellow Roadway trailing 90-day closing stock price as of February 18, 2005. Yellow Roadway will also assume an expected $99 million in net USF debt, resulting in a total enterprise value of approximately $1.47 billion.
While the agreement has been unanimously approved by the boards of directors of both companies, the transaction is subject to the approval of shareholders of both companies, and is also subject to the expiration or termination of the waiting period pursuant to the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended, and other customary closing conditions.
The acquisition is expected to close in summer 2005. The combined enterprise is expected to have annual revenue in excess of $9 billion, with over 70,000 employees and 1,000 service locations.
“This is a case of opportunity knocking twice,” said Bill Zollars, chairman, president & CEO of Yellow Roadway. “USF represents an excellent opportunity to leverage the successful strategy that was employed with Roadway. When applied to USF, this includes maintaining the strong separate brand identities, customer interfaces and distinct operations of each business unit.”
Zollars added that Yellow’s strategic rationale for this transaction is focused on enhanced scale, complementary service offerings and significant cost synergies. USF provides Yellow Roadway with immediate and nationwide scale in next-day and regional markets, which are among the fastest growing transportation segments. “Additionally, our logistics and truckload capabilities will be enhanced by the USF service capabilities,” he said.
According to Paul Liska, executive chairman of USF, the transaction creates significant value for USF shareholders, employees and customers from both a near- and long-term perspective. “In addition to the substantial synergies available, the USF companies gain access to industry-leading technology and opportunities to share best practices that will benefit our combined customer bases.”
The transaction is expected to be accretive to Yellow Roadway earnings per share within twelve months of closing. Approximately $40 million of net synergies are expected within the first twelve months along with run rate synergies of $80 million per annum after the first twelve months. Longer-term synergy opportunities are estimated to be at least $150 million per annum in total.
Upon the closing of the transaction, the following individuals will lead the key divisions of the combined entity and report directly to Zollars:
• Jim Staley, current president of the Roadway Group, will become president of the Yellow Roadway regional companiesm which will include New Penn Motor Express, USF Holland, USF Reddaway, USF Dugan and USF Bestway. Staley will also be responsible for the truckload unit of USF, Glen Moore.
• Bob Stull, who currently reports to Jim Staley as president of Roadway Express, will continue in that role and report directly to Zollars.
• James Welch, president of Yellow Transportation, will continue in that role.
• Jim Ritchie will continue as president of Meridian IQ, the logistics unit of Yellow Roadway, which will include the operations of USF Logistics.
• Mike Smid will remain as president of Yellow Roadway Enterprise Services and chief integration officer.
It is anticipated that one current member, yet to be determined, of the USF board of directors will join the Yellow Roadway board of directors upon the closing of the acquisition.