In a statement released late Thursday, USA Truck Inc. of Van Buren said Knight Transportation’s $9 per-share takeover offer “substantially undervalues” the company and called Knight’s method of disclosing the deal to the public “misleading.”
Earlier Thursday, Phoenix-based Knight issued a news release saying USA Truck had rejected a $242 million takeover deal. Knight, which is also publicly traded, said it already owns about 8 percent of USA Truck’s shares. It said it was “confident” that USA Truck shareholders would see its offer as “significantly more attractive than USA Truck’s standalone prospects.”
In its statement (PDF), USA Truck said its board of directors had reviewed Knight’s latest offer, submitted Aug. 28, and “unanimously concluded that the proposal substantially undervalues USA Truck and is not in the best interests of USA Truck and its shareholders.” Click here to read more from our partners at ArkansasBusiness.com.