Central Freight amends merger agreement

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Central Freight Lines has entered into an amendment to its previously announced agreement and plan of merger with Jerry Moyes’ North American Truck Lines and Green Acquisition Co. entities. The agreement provides that Moyes and certain related parties would become the owners of Central, and Central would cease to be a publicly traded company.

Central stated that, among other things, the amendment waives the purchaser’s need to obtain financing as a condition to closing the merger, and clarifies that there is no pending litigation against Central that must be settled prior to closing.

“We are very pleased with these developments,” says Bob Fasso, chief executive officer and president of Waco, Texas-based Central. “We believe they represent significant steps toward completion of the merger.”

Other principal terms of the merger agreement, including price, remain unaltered by the amendment. As a result, all Central stockholders — other than Moyes, certain related parties and a trust created for the benefit of Moyes’ children — will receive cash in an amount equal to $2.25 per share of Central common stock.

“I am pleased that we have made the additional progress announced by Central and look forward to closing the merger as soon as possible,” says Moyes, who also is founder and former head of Phoenix-based Swift Transportation.