- Logistics service provider DB Schenker has agreed to acquire all outstanding shares of USA Truck Inc. (NASDAQ: USAK) for $31.72 per share in cash, valuing USAK at ~$435 million, including assumed cash and debt. DB Schenker is a subsidiary of Deutsche Bahn.
- DB Schenker aims to strengthen and expand USA Truck's presence in North America while utilizing its complementary international logistics expertise, air transport services, and ocean gateways to benefit USA Truck's existing customer base.
- DB Schenker intends to expand its worldwide logistics services across the land, air, and ocean transportation services, as well as logistics and global supply chain management solutions, by building on USA Truck's current U.S. and Mexico freight network.
- "This transaction provides immediate and significant value for USA Truck stockholders, offers broadened career opportunities for our employees and increased capacity and service offerings with which to support our customers, and better positions our company to realize our long-term vision to become the premier North American transportation solutions provider," said CEO James Reed.
- On completion, USA Truck will become a private company and delist from NASDAQ Global Select Market.
- Price Action: USAK shares are trading higher by 110.91% at $30.72 on the last check Friday.
Read at Benzinga