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Updated:
6/25/2007 5:00:00 PM
U.S. Xpress Executives Offer to Buy Firm
Truckload carrier U.S. Xpress Enterprises’ Co-Chairmen Patrick Quinn and Max Fuller said they will offer $20 a share to buy the company.
The two said late Friday they will make the offer through their corporation, Mountain Lake Acquisition Co. U.S. Xpress’ shares closed at $14.20 a share Friday on the Nasdaq Stock Market.
Quinn and Fuller and their affiliated entities together own about 28% of the company’s outstanding Class A common stock, and 100% of its outstanding Class B common stock, for an aggregate of about 42% of both Class A and Class B shares, they said in a statement.
U.S. Xpress is ranked No. 21 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
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