U.S. Xpress Execs Boost Offer
U.S. Xpress Enterprises executives said they boosted the company’s buyout offer to take the company private by 10 cents a share, to $20.10 per share.
Co-chairmen Patrick Quinn and Max Fuller said the offer represents a 44.8% premium over the $13.88 per-share average closing price for the 30 trading days ended on June 21, the last trading day before the date of the original tender offer.
The company's stock closed at $16.93 on Monday on the Nasdaq Stock Market.
The two made their approximately $176 million offer in late June viaÌýtheir corporation, Mountain Lake Acquisition Co.
U.S. Xpress Enterprises is ranked No. 18 on the 2007 Transport Topics 100 listing of U.S. and Canadian for-hire carriers.