ArcBest Corp. (ARCB) — Reincorporation detail

Announcement

2026-02-20

First SEC disclosure

Meeting / Vote

2026-04-24

COMPLETED

Effective

2026-05-15

Legal effective date

Market Cap

$3.9B

At announcement

Why this firm matters

Standard cohort firm (Completed). Included for breadth across destinations and sectors.

Controller & ownership

Diffuse / non-controlled

Diffuse institutional (FMR/Fidelity 5.8% largest) holds approximately 5.8% of voting power. No single holder reaches the controlled-company threshold (>50% of voting power).

Source: Schedule 13G filings 2026; DEF 14A 2026

Vote outcome — reincorporation proposal

Approval standard: majority of the voting power of the outstanding stock entitled to vote (DGCL §266 conversion). Meeting type: annual.

Vote totals not yet pulled. Awaiting EDGAR Item 5.07.

Event-study abnormal returns — announcement window

Returns around the announcement date.

Event date: 2026-02-20 · Estimation window: 2025-03-07 to 2026-02-19 (240 days)

Specification	Day-0 AR	Inference
Synthetic control (19-donor Industrials peer pool)i	-0.75%	no inference
Market model (SPY benchmark)i	-1.30%	Patell-z p-value = 0.656
Sector-augmented model (SPY + Industrials ETF (XLI)) HEADLINEi	-0.96%	Patell-z p-value = 0.726
Matched pair (vs FDX, market-model-adjusted)i	-1.82%	two-sided p-value = 0.583
Raw differential vs FDXi	-1.40%	no inference

Robustness checks — does the headline result hold up?

Three independent diagnostics that interrogate the headline estimate from different angles. All three pointing the same way = high confidence in the result.

Pre-event drift check: the firm's daily abnormal return drifted by +0.0039% per day in the pre-event window (p = 0.244). no detectable pre-event drift âœ“. — A near-zero slope means the pre-event period was stable, so the day-0 reaction is not contamination from a pre-existing trend.
Donor co-movement check: 8 of 19 peer firms moved in the same direction as the treated firm on the event day (binomial p = 0.6476). — A high concordance means the day was driven by industry-wide news rather than something firm-specific. A low concordance means the firm moved differently from peers (potential firm-specific signal).
Synthetic-control fit quality: pre-event correlation between the firm and its synthetic twin = 0.842 (good tracking); RÂ² = 0.662 (fraction of pre-event variance explained); Durbin-Watson = 2.15 (no autocorrelation). — Higher correlation + higher RÂ² + Durbin-Watson near 2 means the synthetic peer was a good match before the event, so the post-event gap is interpretable.

Event-study abnormal returns — vote window

Returns around the shareholder-vote (or written-consent) date.

Event date: 2026-04-24 · T0 source: actual_effective_date_iso · Estimation window: trailing 240 days; 240 valid after NaN drop

Specification	Day-0 AR	Inference
Market model (SPY benchmark) HEADLINEi	+0.60%	Patell-z p-value = 0.826

Long-run abnormal returns & pooled estimates

Buy-and-hold abnormal returns (1 / 3 / 6 / 12 months) and calendar-time portfolio alpha (CTE) post-effective.

Specification	CAR / BHAR	Details
Day-of-effective abnormal returni	-3.25%	Market-model benchmark (S&P 500)
Pooled three-event statistici	+7.00%	Pooled three-event statistic

*** p < 0.05 · * p < 0.10 · CAR = cumulative abnormal return; BHAR = buy-and-hold abnormal return; FFC6 = Fama-French five-factor + momentum (UMD)

Cohort-level robustness battery

Heckman selection-corrected ATE · Romano-Wolf step-down + BH FDR · pooled BHAR. This firm's reading is shown in context of the full cohort.

Heckman two-step selection correction (controlled-vs-widely-held)

Cohort ATE = +0.94% (SE = 7.06%, n = 2395) after correcting for controller-status selection (inverse Mills ratio = -0.062).

Romano-Wolf step-down + Benjamini-Hochberg FDR (n = 47)

This firm: raw p = 0.726, Romano-Wolf adjusted p = 1.000, BH-FDR adjusted p = 0.966. Multiple-hypothesis correction is computed across the full cohort to control family-wise error rate at alpha = 0.05.

Pooled cohort BHAR (mover firms only)

BHAR_63d: mean = -5.60% (SE = 22.11%, n = 3, p = 0.499) · BHAR_126d: mean = +17.33% (SE = 41.17%, n = 3, p = 0.774)

See Cohort event study → for the full battery and forest plots.

Texas Statutory Adoptions

Texas opt-in statutory regimes available to Texas-incorporated public companies. Each requires a charter or bylaw amendment with proxy notice. Both are independently elected.

SB 29 — TBOC §21.552

Derivative-action 3% ownership threshold (effective 2025-05-14, post-Tornetta v. Musk).

â—‹ NOT ADOPTED

SB 1057 — TBOC §21.373

Shareholder-proposal threshold: lesser of $1M market value or 3% of voting shares, 6-month hold, 67% solicit (effective 2025-09-01). Director nominations and procedural resolutions are exempt. Legal status: vulnerable to challenge under the Internal Affairs Doctrine and dormant Commerce Clause; SEC Rule 14a-8(i)(1) permits state-law exclusion, so §21.373 may operate through Rule 14a-8 rather than face direct preemption. No court ruling has issued. Firms appear to be in a wait-and-see posture pending legal clarity.

â—‹ NOT ADOPTED

Adoption is opt-in. A "No" or "Pending" status means the firm has not (yet) elected into the regime — it does not mean the firm is non-compliant. Adoption requires a charter/bylaw amendment disclosed via 8-K Item 5.03.

Source filings

Primary-source documents on SEC EDGAR plus IR / search links.

IR — https://investor.arcb.com/
EDGAR — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000894405&type=&dateb=&owner=include&count=40
Proxy — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000894405&type=DEF+14A&dateb=&owner=include&count=40
8-K Item 5.07 (vote) · 0001104659-26-048553 — filing →
EDGAR accession (canonical) — 0001104659-26-020485

Classification & audit trail

Bucket

Panel eligibility

PANEL_A_post_SB29

Audit status

PATCHED_v6-rev69_2026-05-22_severe_date_correction_was_2026-04-24 | PATCHED_v6-rev77_2026-05-24_wave1b_audit_fixes: per firm_roster_audit_2026-05-24.md + batch summaries

Source confidence

VERIFIED_EFFECTIVE

Transaction status

COMPLETED

Audit notes

Effective date present but no Accession URL in v6 rev78; retrieve from EDGAR.
v2.9: status CLAIMED_COMPLETED_UNVERIFIED — eff_date present but EDGAR URL missing; reclassify to COMPLETED after 8-K verification
v2.9.2: promoted to VERIFIED_EDGAR + COMPLETED — ArcBest Corp — Confirmed in BLP April 2026 update; reincorporation DE→TX completed (DEF 14A March 13, 2026)
[2026-04-28] Phase 4I: replaced Google-search IR fallback with direct URL https://investor.arcb.com/
[2026-04-28] Phase 4N: synthesized event_study_announcement_json from existing scalar CAR cells (phase4a_v2 join). Reviewer can extend with multi-spec analysis. [2026-04-28] phase5c: vote source 8-K 0001104659-26-048553 (2026-04-24, Δ=1d) applied from EDGAR pull (status=AUTO_RESOLVED) [2026-04-28] phase5e: cleaned edgar_accession_canonical: extracted '0001104659-26-020485' from raw value '000110465926020485 (PRE 14A)' (source=unhyphenated_normalized) [2026-04-28] phase5c: vote source 8-K 0001104659-26-048553 (2026-04-24, Δ=1d) applied from EDGAR pull (status=AUTO_RESOLVED) [2026-04-29] phase5r: bucket 'C' -> 'B1' (DE->TX effective 2026-04-24 >= SB29 -> bucket B1) [2026-04-29] phase5u: row independently validated by external Reviewer (full-residual pass, 78/276 substantive answers); validations applied: V_DATE_ANN=CONFIRM; V_DATE_MEET=CONFIRM; V_DATE_EFF=CONFIRM; V_FROM_TO=CONFIRM; V_BUCKET=WRONG=B1; V_COHORT=CONFIRM_INCLUSION; primary-source URLs all under https://www.sec.gov/Archives/ [2026-04-29] phase5v: row independently re-validated by external Reviewer (Round 4 full-residual pass, 85/276 substantive); all bucket and pending-status conclusions match v3.57 [2026-04-29] phase5w: comprehensive validation by external reviewer across tranches v5 (4-version full residual walk, 269 substantive answers across 52 firms, 0 bucket drifts vs v3.58)
[2026-04-29] v3.75: VERIFIED via 8-K Item 5.07: 13.9M for / 6.9M against / 17,901 abstain / 675,343 broker non-votes. ~67% of votes cast; majority-of-outstanding test also met. Special meeting Apr 24, 2026; effective May 15, 2026.
[2026-05-31 rev103] EDGAR-verified DE->TX reincorporation. Primary source: 8-K Item 5.07 acc 0001104659-26-048553 dated 2026-04-24 (https://www.sec.gov/Archives/edgar/data/0000894405/000110465926048553/tmb-20260424x8k.htm). 2026 Annual Meeting of Stockholders 2026-04-24: 13,932k FOR / 6,923k AGAINST / 17,901 abstain / 675,343 broker non-votes (Proposal #4 of 6 on ballot — also approved CEO transition, exec comp, auditor; rejected shareholder GHG-target proposal). Certificate of conversion effective 9:35am CT 2026-05-15 per 8-K Item 3.03 acc 0001104659-26-062502. Clean post-SB29 conversion; no controller, no dual class.