USA Truck issues statement regarding Knight Transportation suit

theflyonthewall.com

USA Truck (USAK) issued the following statement regarding the lawsuit: "USA Truck's Board of Directors is very disappointed that Knight (KNX) is doing exactly what it promised not to do: use confidential information that it was provided in the context of friendly and private discussions regarding a negotiated transaction between the companies to initiate a creeping hostile takeover of USA Truck at a price that does not reflect the full intrinsic value of USA Truck. As stated in the Company's release dated September 26, the Company has previously offered to meet with Knight and remains open to all strategic options that reflect the full intrinsic value of USA Truck, including further discussions with Knight." The action, filed in the Circuit Court of Crawford County, in Van Buren, Arkansas, alleges that Knight Transportation's actions, including its purchasing shares of USA Truck stock, using USA Truck's confidential information and its disclosure of the prior discussions with USA Truck, are blatant violations of the Confidentiality Agreement between the parties and have disadvantaged the company's other stockholders. According to the lawsuit, Knight Transportation's recent public statements have made clear that Knight Transportation intends to further violate the Confidentiality Agreement by using such confidential information to pursue a hostile takeover of USA Truck without negotiating with USA Truck's Board of Directors.

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