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.