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Central Freight Lines, Inc. Provides Update on Merger With Moyes-Owned Company and Announces Agreements in Principle to Settle Class Action and Derivative Litigation.

Publication: PR Newswire
Publication Date: 15-AUG-06 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
WACO, Texas, Aug. 15 /PRNewswire-FirstCall/ -- Central Freight Lines, Inc. announced today that it expects to move further towards completion of its previously announced Merger transaction by responding within the next week to a second set of comments from the Securities and Exchange Commission (the "SEC"). The Merger Agreement provides that a company controlled by Jerry Moyes and certain related parties would become the owners of Central, and Central would cease to be a publicly traded company.

In addition, Central announced today that it has reached oral agreements in principle with the plaintiffs to settle all outstanding securities class action litigation, two purported derivative actions related to the period between the date of Central's initial public offering and August 2004, and a third derivative action related to the Merger transaction. The agreements...

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