Fleet Management

Celadon Merger Off

December 02, 1998

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Dec. 3 – Indianapolis-based Celadon Group announced Tuesday that its proposed merger with Laredo Acquisition Corp. is off. The company is reviewing its alternatives, which could include a revised deal with Laredo, a subsidiary of Odyssey Investment Partners.
Although Celadon satisfied all conditions in the merger agreement, Laredo terminated it because its source of financing for the merger did not fund its bridge commitment. Bankers Trust Corp., the source of that financing, said the reason for its decision was the change in U.S. financial markets compared to June.

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