Patrick E. Quinn and Max L. Fuller, co-chairmen and founders of U.S. Xpress, have announced that within the week they'll proceed with a tender offer to acquire all outstanding Class A shares of the company's common stock.
The tender offer will be made through their wholly owned affiliate, New Mountain Lake Acquisition Co. They said Sun Trust Bank and Sun Trust Robinson Humphrey Inc. have committed to funding the tender offer and providing post-closing financing.
Last June Fuller and Quinn announced their intention to offer $20 a share but today's announcement set the offering price at $20.10. The new price represents a 44.9 percent premium over the $13.88 per share average closing price for the 30 trading days prior to the June 21 original offer, and a 41.3 percent premium over the $14.23 per share reported closing price on June 21.
U.S. Xpress was founded in 1985 and went public in 1994. Fuller is currently the chief executive officer and Quinn is the company's president. They and their affiliates own all the company's Class B stock and approximately one-fourth of the Class A stock. In a letter filed with the Securities and Exchange Commission they said they don't anticipate any changes in management or business operations as a result of the transaction.
U.S. Xpress Enterprises is the fourth largest publicly owned truckload carrier in the United States, measured by revenue. Xpress Global Systems, a wholly owned subsidiary, provides transportation, warehousing and distribution services to the floor covering industry. The company is a joint owner of Transplace, an Internet-based logistics company. It has an 80 percent stake in Arnold Transportation Services and Total Transportation of Mississippi. It also has a 49 percent interest in Abilene Motor Express and a 40 percent interest in C&C Trucking of Duncan. More information is available at www.usxpress.com.
The tender offer will be made through their wholly owned affiliate, New Mountain Lake Acquisition Co. They said Sun Trust Bank and Sun Trust Robinson Humphrey Inc. have committed to funding the tender offer and providing post-closing financing.
Last June Fuller and Quinn announced their intention to offer $20 a share but today's announcement set the offering price at $20.10. The new price represents a 44.9 percent premium over the $13.88 per share average closing price for the 30 trading days prior to the June 21 original offer, and a 41.3 percent premium over the $14.23 per share reported closing price on June 21.
U.S. Xpress was founded in 1985 and went public in 1994. Fuller is currently the chief executive officer and Quinn is the company's president. They and their affiliates own all the company's Class B stock and approximately one-fourth of the Class A stock. In a letter filed with the Securities and Exchange Commission they said they don't anticipate any changes in management or business operations as a result of the transaction.
U.S. Xpress Enterprises is the fourth largest publicly owned truckload carrier in the United States, measured by revenue. Xpress Global Systems, a wholly owned subsidiary, provides transportation, warehousing and distribution services to the floor covering industry. The company is a joint owner of Transplace, an Internet-based logistics company. It has an 80 percent stake in Arnold Transportation Services and Total Transportation of Mississippi. It also has a 49 percent interest in Abilene Motor Express and a 40 percent interest in C&C Trucking of Duncan. More information is available at www.usxpress.com.
media brand
0 Comments
See all comments