UPDATE: USA Truck Expands Board of Directors for Largest Shareholders

by Marty Cook  on Friday, May. 23, 2014 1:33 pm  

USA Truck Inc. of Van Buren.

Perelman and Glaser released a joint statement after the agreement added them to the board.

We are pleased to join USA Truck's Board of Directors," Perelman and Glaser said in a joint statement. "We look forward to working with management and the board to improve operational and financial performance. 

USA Truck has reported five consecutive years of annual net loss but reported narrowed losses and improved revenue in the first quarter of 2014. The company’s stock price has also increased from $6.46 in September 2013 to a Thursday closing price of $15.47.

The runup in stock price came after Knight Transportation of Phoenix announced a takeover bid in September. USA Truck later filed a breach of contract suit against Knight that was settled out of court in February.

Knight’s takeover attempt was held off in part because of USA Truck’s shareholders rights plan, which had a “poison pill” that kicked in if one individual or group acquired 15 percent of the company stock. USA Truck’s board decided to end the poison pill plan April 11.

 

 

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