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February 25, 2000 10:20 AM, EST

An attempt by TransFinancial Holdings President Timothy P. O’Neil and two directors to assume private ownership of the public company has failed.

A merger agreement with Cola Acquisitions Inc., a company formed by O’Neil, Chairman William D. Cox and Vice-Chairman Roy R. Laborde, was terminated last week after Cola was unable to obtain financing.

Bank financing for the merger was withdrawn because of poor fourth-quarter operating results, company officials said. The management group had offered to pay $6.03 a share for about 2.9 million shares it does not already own ("TransFinancial Shareholder Critical of Buyout Proposal, 12-20, p. 10).

The Lenexa, Kan.-based company is the parent of regional less-than-truckload carrier Crouse Cartage Co., an insurance premium financing business and a start-up industrial technology firm.

For the full story, see the Feb. 28 print edition of Transport Topics. .

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