U.S. Xpress Execs Complete Share Purchase

Executives of U.S. Xpress Enterprises said Friday they completed their planned purchase of the truckload carrier for $20.10 per share.

Co-chairmen Patrick Quinn and Max Fuller said last month that the offer — which they boosted by a dime to $20.10 — represented a 44.8% premium over the $13.88 per-share average closing price for the 30 trading days ended on June 21, the last trading day before the date of the original tender offer.

The two together hold 93% of the company, about a $163.4 million stake of 8.13 million shares, Bloomberg reported.

Shares of the company closed Thursday at $20.08 on the Nasdaq Stock Market, Bloomberg said.

The two are taking the company private via their enterprise, New Mountain Lake Acquisition Co.

U.S. Xpress Enterprises, ranked No. 18 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers, is the sixth-largest — and fourth-largest publicly traded — U.S. truckload carrier.