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To: Tech Master who wrote (17226)	10/19/1998 2:02:00 PM
From: R Hamilton	Respond to of 120523

catch the BUS at 5 5/8: Greyhound To Laidlaw Buyout Offer By KATIE FAIRBANK .c The Associated Press DALLAS (AP) -- Greyhound Lines Inc., the last nationwide provider of intercity bus transportation in the United States, is being acquired by the Canadian owner of Greyhound Lines of Canada. Under the $650 million deal announced today, Laidlaw Inc. of Burlington, Ontario, has agreed to pay $6.50 per share of Greyhound common stock as well as assume its debt. Laidlaw could pay up to $4 of the price in stock. Greyhound has approximately 60 million common shares and 2.4 million preferred shares that can be converted into 12.3 million common shares. In midday trading, Greyhound was up 93 3/4 cents a share at $5.81 1/4 on the American Stock Exchange while Laidlaw was off 25 cents at $9.43 3/4 a share on the New York Strock Exchange. The merger is subject to regulatory approval, including Surface Transportation Board consideration. But closing will not be contingent on that approval, according to Craig Lentzsch, Dallas-based Greyhound Lines president and chief executive. ''We do not expect to have any difficulties because the companies are not in competition,'' Lentzsch said. Greyhound's headquarters will remain in Dallas and no immediate operational or personnel changes are anticipated. Greyhound employs 12,500 people nationally. ''I would not expect significant layoffs from this transaction but it's too early to tell,'' said Lentzsch. Greyhound Bus Lines in the United States has operated independently since 1987 when the company was spun off from Dial Corp. It's been publicly traded since 1991. Stockholders will likely consider the deal in January. If approved, all of Laidlaw's coach operations, including the Canadian Greyhound, will report to Lentzsch. ''When the Greyhound companies of Canada and the U.S. are united, and combined with our initiatives in Mexico, Greyhound Lines will be able to create a true North American ground transportation network,'' Lentzsch said. Greyhound is the only nationwide provider of intercity bus transportation in the U.S., serving more than 2,600 destinations with 18,000 daily departures. It also provides package express service, charter service and food services at certain terminals. ''Laidlaw has expressed its confidence in Greyhound's business strategy, its management team and the way we have rebuilt the company over the past four years,'' Lentzsch said. Laidlaw is one of the largest operators of city buses and ambulance fleets in North America. The company also operates 40,000 school buses. AP-NY-10-19-98 1207EDT