(USAK) and vowed to take the necessary steps to complete a hostile takeover of the short-haul carrier after its bid was rejected a second time. Knight increased its holding to 11.3 percent from 8 percent and said it has held talks with several of USA Trucks largest shareholders, who indicated their support for the $9-a-share offer, according to a filing today. USA Truck spurned the bid on Sept. 26, saying it substantially undervalues the company. We continue to believe that a combination of Knight and USA Truck is better positioned to deliver value for and is in the best interest of all of Knight and USA Trucks stakeholders, and we are prepared to take the necessary steps to make this combination a reality, Knight said today. Knight made public its offer to buy the Van Buren, Arkansas-based company in a $242 million transaction on Sept. 26, sending USA Truck shares soaring 36 percent, the biggest advance since its initial public offering in 1992. The combination would help allay risk in the short-haul carriers turnaround plan and help reverse eight consecutive quarters of net losses, said Knight, which is based in Phoenix. USA Truck rose 4.3 percent to $8.96 at the close in New York . The shares have more than doubled this year. Knight was little changed at $16.52 and has increased 13 percent this year. Thursdays press release is our comment, USA Truck Chief Financial Officer Clifton Beckham said today by phone, referring to the companys Sept. 26 rebuff of the offer. Nicholas Leasure, a spokesman for Knight, declined to comment beyond the filing.
LeoVince USA Expands Dion Device Options with Privateer Lever Guard and Bar Extenders
The Dion Device Factory Racer was the first brake lever protector distributed by LeoVince USA, and the Privateer model features the same quality engineering at a lower price point. The Privateer has a retail price of $199 and is designed with club racers and track day riders in mind. The Dion Device Privateers 6061-T6 forged aluminum construction makes it a light 8.5 ounces. Available in red and black, the Privateer adjusts to precisely fit different bars, levers and fairings. The result is a small, easy-to-mount device that effectively protects the brake lever, master cylinder and handlebar in the event of an on-track collision or crash. In addition to the Dion Device Privateer, LeoVince USA is also distributing new Bar Extenders, which make the Dion Device compatible with most OEM handlebars. The aluminum Bar Extenders come in red and black options to perfectly match the Dion Device. Part Numbers are as follows: Dion Device Privateer, right side black: DDP1008 Dion Device Privateer, right side red: DDP1014 Dion Device Privateer, left side black: DDP1009 (Available Mid October) Dion Device Privateer, left side red: DDP1015 (Available Mid October) Dion Device Bar Extender, black aluminum: DD-EXT-1001-ALU-BLK Dion Device Bar Extender, red aluminum: DD-EXT-1002-ALU-Red MSRP: $199 For more information about LeoVince products, visit the LeoVince USA website at www.leovinceusa.com . To keep up with the latest product and racing news from LeoVince, be sure to like them on Facebook . *Check Fitment Guide on LeoVince USA website or contact a LeoVince USA product specialis About LeoVince LeoVince USA, located in Richmond California, is the US distributor of the LeoVince family of products including LeoVince Exhaust and LeoVince Carbon Fiber. LeoVince USA also distributes GPR Stabilizers, Bridgestone Racing Tires, Airoh Helmets, Vortex, BMC Filters and the innovative new Dion Device. With two locations to serve all of North America most deliveries arrive in three days or less. With innovative dealer solutions and exceptional customer service LeoVince remains one of the fastest growing companies in Powersports. To find out more about LeoVInce visit us at www.leovinceusa.com .
Knight Transportation Responds to USA Truck’s Rejection of $9.00 Per Share All-Cash, Premium Proposal
Since making our proposal public, we have had discussions with several of USA Trucks largest shareholders that have indicated their support for our proposal and have encouraged us to continue to take the necessary steps to acquire USA Truck. We continue to believe that a combination of Knight and USA Truck is better positioned to deliver value for and is in the best interest of all of Knight and USA Trucks stakeholders, and we are prepared to take the necessary steps to make this combination a reality. Knight also announced today that it has filed with the U.S. Securities and Exchange Commission an amendment to its Schedule 13D, originally filed on September 26, 2013, disclosing an increased ownership position of 1,192,364 shares of USA Truck common stock, representing approximately 11.3% of USA Trucks shares outstanding. As previously announced on September 26, 2013, Knight proposed to acquire all of the outstanding shares of USA Truck for $9.00 per share in cash, valuing the equity of USA Truck at approximately $95 million. The total value of the proposed transaction is approximately $242 million, including USA Trucks approximately $147 million of outstanding net indebtedness. The proposal represents a significant premium of approximately 39% to USA Trucks closing price on September 25, 2013, the last trading day prior to public announcement of Knights proposal; a premium of approximately 50% to USA Trucks average closing price for the ten trading day period prior to Knights announcement; and a premium of approximately 58% to USA Trucks closing price on August 27, 2013, the last trading day prior to Knights August 28, 2013, proposal letter to USA Trucks Board of Directors. Evercore is acting as financial advisor to Knight and Fried, Frank, Harris, Shriver & Jacobson LLP is acting as Knights legal advisor. About Knight Transportation Knight Transportation, Inc. is a provider of multiple truckload transportation services using a nationwide network of service centers in the U.S. to serve customers throughout North America.