VAN BUREN, Ark. — Van Buren-based USA Truck is being bought by Germany-based DB Schenker in a $435 million deal expected to close by the end of the year. The deal is for $31.72 per share of USA Truck (NASDAQ: USAK) and was approved by the USA Truck board of directors.
Company shares closed Thursday at $14.58, meaning the acquisition price target represents a 117.5% premium. The share price jumped above $30 in early Friday trading.
The deal also will see the company delist from NASDAQ and become a private company with Schenker’s global logistics operation. The deal has a possible termination date of March 23, 2023, if the deal is not completed by that date. The deal also includes a $10 million breakup fee to be paid by USA Truck if it pursues another acquirer or takes other prescribed actions.
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