Yellow hints at $150-$200 million stock buyback
Yellow Roadway yesterday told investors it may seek to buy back $150 to $200 million worth of its common stock, most likely after it completes its acquisition of USF Corp. this summer.
See Yellow Roadway to buy USF.
However management has not made a final decision, nor has its board given its approval yet, Yellow said in a filing with the Securities and Exchange Commission.
Yellow Roadway believes that cash flows and a balance sheet following the closure of the USF deal would support the buyback.
On Feb. 27 Yellow Roadway announced it has reached an agreement to acquire USF for $1.37 billion and $99 million in debt.