Leaseway Transportation agreed to be acquired.
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An investor group will pay about $600 million, or $51 per share, for Cleveland-based Leaseway, which is a leading freight carrier of motor vehicles. The investor group is led by the largest U.S. banking firm, Citicorp, and is expected to include Drexel Burnham Lambert, other financial institutions, Leaseway Chairman Gerald McDonough and other Leaseway executives.
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