Knight, however, has said its shareholders are still interested in purchasing the company at its standing cash offer of $9 a share. This week, Knight disclosed it had increased its ownership of USA Truck’s outstanding shares from 8 percent to 11.3 percent.
In a statement last week, Knight said it was “ready and willing” to move forward with the transaction, and the proposed value of its transaction was $242 million.
USA Truck has yet to fully recover from the industry downturn from the 2008-2009 recession, and ongoing turnaround efforts have yet to yield consistent profits.
Knight’s per-share offer was 39 percent higher than USA Truck’s closing price on Sept. 25.
USA, however, said the proposal and a Knight statement were a “disappointment.” Knight, too, said the rejection was a disappointment and said it is “prepared to take the necessary steps to make this combination a reality.”
