The trucking company USA Truck is brushing off suggestions that it is a takeover target once again.
On Thursday the Arkansas-based fleet released a statement about the hedge funds Baker Street Capital and Stone House Capital now holding a joint 28% interest in the company.
"USA Truck has a demonstrated practice of maintaining an open dialog with the company's shareholders, including Baker Street and Stone House, and we welcome the input of all shareholders,” the statement said. “Our board of directors and executive management regularly review USA Truck's strategic priorities and the full spectrum of available options and are always open to receiving constructive input toward our shared goal of increasing long-term value for all of the company's stakeholders.”
USA Truck noted that its stock price has increased over the last eight months. It has had six consecutive quarters of improved year-over-year financial and operational performance while it has made progress in implementing a financial turnaround plan. It also noted it rejected an unsolicited offer last year by Knight Transportation to be bought out. The two later reached a settlement following a $242 million bid by Knight.
According to Arkansas Business, the hedge funds formed United Shareholders after USA Truck terminated its shareholders rights plan, a so-called "poison pill" that kicked in when one group or individual acquired 15% of the company’s shares.
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