Celadon-Odyssey Merger Terminated

INDIANAPOLIS — Celadon Group said it is reviewing strategic alternatives after a proposed buyout of the company for $20 a share by a unit of Odyssey Investment Partners was terminated Nov. 30.

Celadon satisfied all of the conditions in the merger agreement with Laredo Acquisition Corp., but the deal fell through because Laredo’s source of interim financing, Bankers Trust Corp., did not fund its commitment, company officials said.

The failure to fund the acquisition was due to changes in financial markets since June 23 when the buyout was announced, and was not based on any adverse change in Celadon’s business, officials said.

Celadon is a truckload carrier specializing in freight movement between the U.S., Mexico and Canada.