Knight-Swift Transportation Holdings Inc. is looking to buy out Tennessee-based trucking company U.S. Xpress Enterprises Inc. for $808 million.
As part of the acquisition, U.S. Xpress shareholders would receive an equivalent of $6.15 per share in cash – a 310% premium over the company’s closing stock price of $1.50 per share on March 20, according to a Knight-Swift filing and announcement on Tuesday.
“The opportunity to add one of the largest and most well-known brands in our industry, with significant opportunity to improve earnings, gain customers and reach more professional drivers, was very compelling to us,” Dave Jackson, Knight-Swift’s CEO, said in a statement. “We expect to apply the same playbook that proved successful in the Knight-Swift merger as we share best practices, improve operations and work together to help U.S. Xpress become the best that it can be.
The boards of directors of Phoenix-based Knight-Swift and U.S. Xpress unanimously approved the transaction, which is expected to close in the second quarter or early third quarter of 2023. The transaction is pending U.S. Xpress shareholder approval, according to the regulatory filing.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
U.S. Xpress to be bought by Knight-Swift for a 4-fold premium, in a deal valued at more than $800 millionU.S. Xpress Enterprises Inc. announced Tuesday an agreement to be acquired by Knight-Swift Transportation Holdings Inc. in a deal that values U.S. Xpress...
Baca lebih lajut »
NKE Stock Price | Nike Inc. Cl B Stock Quote (U.S.: NYSE) | MarketWatchNKE | Complete Nike Inc. Cl B stock news by MarketWatch. View real-time stock prices and stock quotes for a full financial overview.
Baca lebih lajut »
Bruce Springsteen, Gladys Knight, José Feliciano to Receive National Medal of Arts From White HouseThe White House announced that Bruce Springsteen, Gladys Knight, and José Feliciano are among the musicians to receive the 2021 National Medal of Arts from President Joe Biden
Baca lebih lajut »
Bruce Springsteen, Gladys Knight, Jose Feliciano to be Honored With National Medal of ArtsThe POTUS will hand out the 2021 honors during a ceremony today (March 21) at the White House.
Baca lebih lajut »
‘Peaky Blinders’ Creator Steven Knight’s Digbeth Loc. Studios Begins ConstructionConstruction has begun on Birmingham’s Digbeth Loc. Studios, the brainchild of British screenwriter, director and producer, Steven Knight (“Peaky Blinders”). Knight’s vision…
Baca lebih lajut »
MCU Blade Movie Rumored To Have Cut Eternals' Kit Harrington As Black KnightA post-credits scene from Eternals set up Black Knight to meet Blade in the MCU, but the Kit Harrington character may now have a reduced role.
Baca lebih lajut »