USA Truck is seeking a temporary restraining order to prevent Knight Transportation’s continued purchase of USA Truck stock in an attempted hostile takeover of the Van Buren-based trucking company.
USA Truck, in a breach of contract lawsuit filed Thursday in Crawford County Circuit Court, claims Knight is using private confidential information acquired during negotiations for the potential sale of USA Truck, in violation of a confidentiality agreement signed in February 2012.
Knight Transportation Inc. of Phoenix now owns 11.3 percent of USA Truck Inc.’s shares, four days after the Van Buren-based long-haul trucking company rejected an unsolicited $242 million buyout bid at $9 a share.
Claiming support from “several of USA Truck’s largest shareholders” in an acquisition attempt that first dates to Sept. 6, Knight Transportation said Monday it was “disappointed that USA Truck has once again rejected Knight’s all-cash, premium proposal.”
Van Buren, Ark.-based USA Truck on Thursday rejected a $242 million buyout bid from Knight Transportation Inc. of Phoenix.
The total value of the proposed transaction includes USA Truck’s $147 million of outstanding net indebtedness.
