USA Truck said two hedge funds with a 28% stake in the company do not pose a takeover threat, Arkansas Business reported.
“They’re not takeover people,” USA Truck Chief Financial Officer Cliff Beckham told the paper. “They’re hedge funds that are interested in return. I think they just want a more significant voice in advising us how to proceed in the turnaround.”
Stone House Capital, based in New York City, owns 14.7% with 15.5 million shares. Los Angeles-based Baker Street Capital owns 13.3% with 1.4 million shares.
The hedge funds said in an SEC filing they formed United Shareholders for the Benefit of USAK to engage in discussions with management about enhancing stockholder value.
“USA Truck has a demonstrated practice of maintaining an open dialog with the company’s shareholders, including Baker Street and Stone House, and we welcome the input of all shareholders,” the company said in a statement.
USA Truck, based in Van Buren, Arkansas, ranks No. 52 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.