Transport Corp. Still A Sweet Deal, Analysts Say
February 29, 2000
U.S. Freightways may have pulled out of the deal but Transport Corp. of America is "still the apple of many a buyer's eye," according to a recent Mergers and Acquisitions Report from Securities Data Publishing.
Three weeks after USF said it would buy Transport in a stock deal valued at $300 million, the merger was cancelled over earnings concerns. Transport lost more than $400,000 in the fourth quarter on revenue of $37 million.
Analysts say a new deal will likely come at a much lower price, but there will be interested buyers for the Eagan, MI, based truckload carrier and logistics services provider.
Two possible suitors: M.S. Carriers and CNF Transportation, both bidders last year. Swift Transportation, Schneider National and Werner Enterprises were also mentioned.