USA Truck Responds to Knight Transportation Announcement
VAN BUREN, Ark., Sept. 26, 2013
VAN BUREN, Ark., Sept. 26, 2013 /PRNewswire/ --USA Truck, Inc. (NASDAQ:
USAK), a leading truckload transportation company, today said its Board of
Directors had previously reviewed Knight Transportation's unsolicited proposal
with USA Truck's management team and financial and legal advisors, and
unanimously concluded that the proposal substantially undervalues USA Truck
and is not in the best interests of USA Truck and its shareholders.
In light of our previous discussions with Knight, we are disappointed not only
that Knight decided to make its proposal public this morning, but did so in a
misleading manner. In fact, on September 6, 2013, the Company responded to
Knight's letter dated August 28, 2013 informing Knight that the Board of
Directors unanimously viewed Knight's $9.00 per share proposal as inadequate,
as it substantially undervalued USA Truck in light of the initiatives
undertaken by our new management team. However, the Company offered to meet
with Knight to discuss the reasons why the Company viewed Knight's proposal as
inadequate. Surprisingly, on September 13, 2013, Knight rejected the
Company's offer to meet and informed USA Truck that it saw no point in
engaging in further transaction discussions with USA Truck at that time.
While the Company remains open to all strategic options, including further
discussions with Knight, we believe that executing our strategic plan will
offer superior value to our shareholders.
This press release and related information will be available to interested
parties at our website, www.usa-truck.com, under the "News Releases" tab of
the "Investors" menu.
Executive Vice President and Chief Financial Officer
Investor Relations Contact:
Harriet Fried/Jody Burfening
Lippert / Heilshorn & Associates
SOURCE USA Truck, Inc.
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