US 1 Accepts Buyout Offer from Executives

Logistics firm US 1 Industries has accepted a buyout offer from a company owned by two of its top executives.

The acquiring company, Trucking Investment Co., is owned by Harold Antonson, US 1's chief financial officer, and Michael Kibler, its CEO, US 1 said in a statement Friday.

Antonson and Kibler had proposed to take US 1 private in September by buying the 48% of shares that they did not already own.

The executives will pay $1.43 per share for US 1. It represents a 46% premium over US 1's stock price during the 90 days prior to the announcement of their offer, US 1's statement said.

The company's board of directors unanimously approved the offer.

Subject to regulatory approval, US 1 expects the purchase to be completed during the second quarter of this year, it said.