UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 18, 1994
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ARKANSAS BEST CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 0-19969 71-0673405
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation or
organization)
1000 South 21st Street
Fort Smith, Arkansas 72901
(501) 785-6000
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(Address, including zip code, and telephone number, including area code, of
the registrant's principal executive offices)
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Item 5. Other Events.
(a) On August 18, 1994, Arkansas Best Corporation announced that it had
entered into an agreement to purchase all of the stock of Clipper
Exxpress and two affiliated transportation companies for a total
consideration of approximately $60 million in cash, subject to certain
closing audit adjustments.
Item 7. Financial Statements and Exhibits.
(a) Financial statments of businesses acquired.
None
(b) Pro forma financial information.
None
(c) Exhibits.
Exhibit 28 - Arkansas Best Corporation news release dated August 18,
1994 announcing the acquisition of Clipper Exxpress.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
ARKANSAS BEST CORPORATION
(Registrant)
Date: August 29, 1994 s/Donald L. Neal
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Donald L. Neal - Senior Vice
President - Chief Financial Officer,
and Principal Accounting Officer
<PAGE>
INDEX TO EXHIBITS
Sequentially
Exhibit Numbered
Number Exhibit Page
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28 Arkansas Best Corporation news release dated 5
August 18, 1994 announcing the acquisition of
Clipper Exxpress.
<PAGE>
FOR IMMEDIATE RELEASE
ARKANSAS BEST CORPORATION
ANNOUNCES ACQUISITION OF CLIPPER EXXPRESS
(NASDAQ/NMS: "ABFS")
(Fort Smith, Arkansas, August 18, 1994) -- Arkansas Best Corporation
(the "Company") announced today that it has entered into an agreement to
purchase all of the stock of Clipper Exxpress and two affiliated
transportation companies for a total consideration of approximately $60
million in cash, subject to certain closing audit adjustments.
Clipper Exxpress has been engaged in transportation as a non-asset based
intermodal marketing and freight logistics company since 1938. Clipper was
founded by the late Jerry Chambers, a visionary in the transportation
business.
Robert A. Young, III, President - CEO of the Company said "the Clipper
acquisition will provide us with a strong entry into a very different and
rapidly growing segment of the transportation market. We anticipate that it
will continue to be headquartered in Lemont, Illinois (a suburb of Chicago)
and operated separately and distinctly from the other Arkansas Best
subsidiaries. It is our intention that Clipper's management will continue
their very able and experienced management roles with no changes in personnel
anticipated as a result of the change in control.
"Clipper is a truly multi-modal transportation company that is an
excellent strategic fit with current year revenues for the acquired companies
expected to be in the $140 million range," Mr. Young added.
The Company said that it will use cash on hand and funds provided under
its existing lines of credit to finance the acquisition.
The completion of the transaction is subject to the receipt of certain
regulatory approvals and other customary conditions, and is expected to take
place within the next 45 to 60 days.
The Company, through subsidiaries, is engaged in nationwide LTL trucking
primarily through ABF Freight System, Inc. and truck tire retreading and new
tire sales through its approximately 46%-owned subsidiary, Treadco, Inc.
END OF RELEASE
For further information, contact Mr. Randall Loyd, Director of Financial
Reporting, at (501) 785-6200.
