Arkansas Best Completes $21 Million Clipper Sale
rkansas Best Corp. said late Thursday it had completed the sale of its Clipper Exxpress intermodal transportation subsidiary for $21 million Bluenose Holdings, a division of the Wheels Group.
The Wheels Group is based in Mississauga, Ontario, Canada. The deal was first announced in May. (Click here for previous coverage.)
Arkansas Best said its net proceeds from the sale, after transaction costs and taxes, will be about $19 million. It said the sale will result in an after-tax gain of 11 cents and 12 cents per share in the second quarter of 2006.