Knight Transportation Increases Stake in USA Truck to 11 Percent
Knight Transportation of Phoenix said Monday that it has increased its ownership in outstanding shares of USA Truck Inc. of Van Buren to 11.3 percent.
In a Monday filing with the U.S. Securities and Exchange Commission, Knight said it had acquired an increased ownership position of nearly 1.2 million shares of USA Truck common stock (Nasdaq: USAK), or about 11.3 percent of USA Truck’s outstanding shares. When Knight publicly announced its takeover offer Thursday, it said it owned an 8 percent stake in outstanding shares.
The company, which is offering to buy USA Truck in a deal worth $242 million, also said it was “disappointed” in USA Truck’s rejection of its offer. On Thursday, USA Truck said Knight’s offer “substantially undervalues” the company.
In a statement released Monday, Knight also said that it talked with “several” of USA Truck’s largest shareholders who support Knight’s takeover proposal and encouraged Knight to continue to pursue a deal. Knight did not name those shareholders.