US 1 Industries Gets Buyout Proposal

Logistics firm US 1 Industries said it has received a proposal from its two top executives to buy all of the shares they don’t already own in a transaction that is worth about $8 million.

US 1, Valparaiso, Ind., said in a statement that the proposal from CEO Michael Kibler and Chief Financial Officer Harold Antonson offered $1.17 a share for the 48% of company shares they don’t own.

Their offer was a 19% premium over the average closing price of 98 cents a share for the 30 previous trading days.

The two executives formed Trucking Investment Co. to make the bid for US 1, which is a holding company that controls 25 companies providing trucking, logistics and related services.

US 1 had a second-quarter profit of $505,000, or 4 cents a share, double the earnings of last year’s second quarter. Revenue increased to $52.6 million from $45 million.