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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
Date of Report: June 3, 1997 Date of Event: May 27, 1997
Allied Holdings, Inc.
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(Exact name of registrant as specified in its charter)
Georgia 0-22276 58-0360550
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
160 Clairemont Avenue, Suite 510, Decatur, Georgia 30030
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(Address of principal executive offices) (Zip Code)
404/370-1100
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(Registrant's telephone number, including area code)
Not applicable
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(Former name or former address, if changed since last report)
The Total Number of Pages in this Document is.
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Item 5. Other Events
On May 27, 1997, Allied Holdings, Inc. ("Registrant") announced that
it had entered into an agreement regarding the proposed acquisition of
Ryder Automotive Carrier Services, Inc. ("ACS") and Ryder Carrier
Management Corp. ("RCMC") from Ryder System, Inc. ("Agreement"). The
Agreement provides for Registrant to acquire all of the outstanding stock
of ACS and RCMC, free and clear of all liens and encumbrances. The
consummation of the acquisition remains subject to certain conditions
which must be satisfied prior to closing, including the execution of a
definitive agreement.
Registrant released the following press release regarding the
transaction on May 27, 1997.
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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.
ALLIED HOLDINGS, INC.
June 3, 1997 /s/ Daniel H. Popky
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Daniel H. Popky, Vice President, Finance
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[ALLIED HOLDINGS LOGO] NEWS RELEASE
FOR IMMEDIATE RELEASE
CONTACT:
A. MITCHELL POOLE, JR. ADAM FRIEDMAN/JOE MANSI
PRESIDENT KCSA
404/373-4285 212/682-6300, ext. 215/205
ALLIED HOLDINGS TO ACQUIRE RYDER
AUTOMOTIVE CARRIER SERVICES
DECATUR, GA, May 27, 1997 - Allied Holdings, Inc. (NASDAQ:HAUL) announced today
an agreement to acquire Ryder Automotive Carrier Services, Inc. and Ryder
Carrier Management Corp. from Ryder System, Inc. (NYSE:R) for approximately
$114.5 million in cash.
Ryder Automotive Carrier Services, headquartered in Troy, Michigan,
has approximately 3,400 rigs at 91 locations in 34 states and Canada. Its
employees number approximately 6,000, and its sales in 1996 were approximately
$600 million. The combined revenue of Allied's and Ryder's automotive carrier
divisions for 1996 would have been approximately $1 billion.
Commenting on the news, Robert J. Rutland, Chairman of Allied, said,
"This acquisition represents an outstanding opportunity and will allow Allied
to become a world class provider of automotive distribution services. Beyond
increasing our volume and ability to compete, the acquisition will enable us to
significantly increase efficiencies by consolidation of functions and
rationalizing the service territories. This, in turn, will allow us to better
serve our customers, expand our service area, and lower overall costs. Most
important, management expects that the acquisition will be accretive and
increase shareholder value, and that it should enhance Allied's future earnings
substantially."
Further, A. Mitchell Poole, Jr., Allied's president, said, "We are
excited about these two outstanding organizations becoming one company with the
management, breadth of coverage and resources to focus on the significantly
changing vehicle distribution business. Our customers are focused on
streamlining the method and process for vehicle delivery, and we believe this
acquisition significantly strengthens our ability to continue as a leader in
this industry into the 21st century."
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160 Clairemont Avenue - Suite 510 - Decatur, Georgia 30030 - (404) 373-HAUL
(373-4285)
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[ALLIED HOLDINGS LOGO] NEWS RELEASE
Allied Holdings/Page 2
"We are particularly pleased that the acquisition will expand our
involvement with Ryder's largest customers: General Motors, Ford, Chrysler,
Honda, Mazda, Nissan, Toyota, Isuzu, Volkswagen, Mitsubishi, all of which are
presently customers of Allied also, and many others. We are confident that from
every perspective this event is a unique opportunity for Allied, and we look
forward to welcoming their people into the Allied Family," stated Mr. Poole.
The acquisition is expected to be completed by the end of 1997 and is
contingent upon finalizing a definitive purchase agreement and government
regulatory approval.
Allied Holdings, Inc. is the parent company of several subsidiaries
engaged in the automotive distribution business. The Allied Automotive Group is
the second largest motor carrier in North America specializing in the delivery
of automobiles and light trucks. The Automotive Group transports for all major
domestic and foreign manufacturers primarily from manufacturing plants, rail
ramps, ports and auctions to automobile dealers throughout the United States
and Canada. Allied Holdings' Axis Group provides logistics solutions to the
finished vehicle, service and aftermarket parts segments of the automotive
market based on an underlying business philosophy of Move, Improve, Inform. The
Axis Group identifies new and innovative methods of distribution as well as
better uses of traditional and merging technologies to help customers solve the
most complex transportation, inventory management and logistics problems.
Statements in this press release that are not strictly historical are
"forward-looking" statements. Investors are cautioned that such statements are
only predictions and speak only as of the date of this release. Actual results
may differ materially due to risks and uncertainties related to, but not
limited to, completion of the acquisition and consolidation of the operations,
changes in new vehicle sales, and the ability to generate new business.
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160 Clairemont Avenue - Suite 510 - Decatur, Georgia 30030 - (404) 373-HAUL
(373-4285)
