PM BRIEFING : Consolidated to Buy Emery Freight
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MENLO PARK, Calif. — Consolidated Freightways Inc. said today it has agreed to buy Emery Air Freight Corp. for about $230 million.
Consolidated, a freight and trucking company based here, said it signed a definitive agreement to buy Emery in a tender offer for $7.75 per common share and $21.10 per preferred share.
Emery, based in Wilton, Conn., provides worldwide air courier and air cargo services. The company lost $17 million in the first nine months of 1988 and had projected that it would not be profitable on an operating basis in the fourth quarter.
Consolidated said that after the tender, Emery’s operations will be merged with those of its CF AirFreight unit in a new company to be called Emery Worldwide, a CF Co.
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