Per-share offer for U.S. Xpress to increase; tender offer to begin within a week

By Lisa Kerner

Charlotte, N.C., Sept. 11 - New Mountain Lake Acquisition Co. plans to begin its previously announced tender offer for U.S. Xpress Enterprises, Inc. within one week.

The offer price is expected to be increased to $20.10 per share from the June 22 original offer price of $20.00 per share. In addition, SunTrust Bank and SunTrust Robinson Humphrey, Inc. have provided a restated commitment letter to fund the offer and to provide post-closing financing, according to a company news release.

U.S. Xpress co-founders and current board co-chairmen Patrick E. Quinn and Max L. Fuller control New Mountain Lake. Fuller is U.X. Xpress' chief executive officer, and Quinn is the company's president. Quinn and Fuller, collectively owning about 28% of U.S. Xpress' shares, previously said they do not intend to tender their shares in the offer.

U.S. Xpress is a truckload carrier based in Chattanooga, Tenn.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.