Login

Register | Forgot Your Password? | Close
Register | Forgot Your Password? | Close

PHOENIX -- Knight Transportation has increased its stake in USA Truck and said it will continue to pursue a takeover of the rival trucking company.

Last week the Phoenix-based Knight Transportation Inc. disclosed it had offered $9 per share for USA Truck Inc. Knight Transportation put the deal's total value at about $242 million, including approximately $147 million in USA Truck outstanding debt.

USA Truck said its board previously reviewed Knight Transportation's offer and unanimously determined that it undervalues the company and is not in its shareholders' best interests.

On Monday, Knight Transportation said that it raised its stake in USA Truck to 11.3 percent from approximately 8 percent.

Knight Transportation also said that it's had talks with several USA Truck shareholders that support its proposal. The company also said that it is "prepared to take the necessary steps to make this combination a reality."

USA Truck is based in Van Buren, Ark.

Shares of USA Truck rose 31 cents, or 3.6 percent, to $8.90 in midday trading while Knight Transportation added 5 cents to $16.56.

Associated Press,

share this story:
Attention KTAR.com Comment Users: We have recently changed our comments boards.
We would like you to be part of the conversation and The Voice of Arizona by logging in with your Facebook, Twitter, Google+ or Disqus account. Existing KTAR (Arizona Sports) account members will need to create a Disqus account or use one of the aforementioned social media logins. Thank you.
comments powered by Disqus

World Class Arizona

  • Dignity Health

    World Class People. World Class Company. Excellent care, delivered with compassion, for all in need.
  • CopperPoint Mutual Insurance Company

    SCF Arizona has a new name. They are now CopperPoint Mutual Insurance Company.
  • Taylor Morrison

    World Class People. World Class Company. We are a national home builder committed to building homes inspired by you.
  • Go Daddy

    World Class People. World Class Company. Go Daddy is a Fortune 100 "Best Companies to Work For."
  • Avnet

    World Class People. World Class Company. Here's information on a Fortune 500 company from Arizona.

Voice For A Better Arizona

  • Working For Arizona

    The business and economics of Arizona at the start of 2014 and looking forward.
  • Arizonans In Need

    Putting a focus on charities and organizations who provide help and/or need your help to fulfill their missions.
close

Share: