Takeover Target USA Truck Sues Knight
USA Truck Inc. has sued Knight Transportation, which is trying to acquire USA Truck, for breach of contract, claiming that Knight breached a confidentiality agreement between the two companies.
The suit was filed in Circuit Court of Crawford County in Van Buren, Ark., USA Truck’s headquarters city, the carrier announced late Oct. 10.
A statement from USA Truck claimed that Knight improperly used “USA Truck's confidential information to begin a creeping hostile acquisition.” The suit asks the court to order Knight to divest the 11% stake it has acquired in USA Truck.
USA Truck has rejected $9 per share offer, saying the company’s value is much higher. Knight Transportation, based in Phoenix, couldn’t immediately be reached for comment.
USA Truck ranks No. 52 and Knight Transportation ranks No. 31 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.
