U.S. Xpress Enterprises, Inc. Special Committee Retains Wachovia Securities as Financial Advisor to Evaluate Unsolicited Bid by
07 8월 2007 - 11:04PM
Business Wire
U.S. Xpress Enterprises, Inc. (NASDAQ: XPRSA) (the "Company") today
announced that the independent special committee of its board of
directors has retained Wachovia Securities as the committee�s
financial advisor to assist the committee in its evaluation of the
proposed unsolicited tender offer by Mountain Lake Acquisition
Company ("MLAC"), a company owned by Patrick E. Quinn and Max L.
Fuller. As announced on July 25, 2007, the independent special
committee, comprised solely of independent directors and
constituting a majority of the entire board of directors, has
engaged an independent legal advisor and is beginning its analysis
of the proposed unsolicited tender offer by MLAC at $20.00 per
share for all of the outstanding shares of Class A common stock of
the Company not presently owned by Messrs. Quinn and Fuller and
certain affiliated entities. Until such time that the board of
directors, acting through its independent special committee, makes
a recommendation with respect to the tender offer, the board of
directors strongly requests that all stockholders defer making any
determination whether to accept or reject the tender offer when
made. Additional Information and Where to Find It: The tender offer
described in this press release has not yet commenced. This press
release is for informational purposes only and is not an offer to
buy or the solicitation of an offer to sell any securities. The
independent special committee and the Company strongly recommend
that the Company's stockholders read the following documents (i)
the tender offer statement on Schedule TO and (ii) the Company's
solicitation/recommendation statement regarding the proposed tender
offer when they become available because they will contain
important information. Stockholders may obtain a free copy of these
materials, which will be filed with the Securities and Exchange
Commission, at the Securities and Exchange Commission's web site at
www.sec.gov. Stockholders also may obtain, without charge, a copy
of the Company's solicitation/recommendation statement, when
available, by directing requests to Debbie Massengale at
423-510-3314. U.S. Xpress Enterprises, Inc. U.S. Xpress
Enterprises, Inc. is the fourth largest publicly owned truckload
carrier in the United States, measured by revenue. The Company
provides dedicated, regional, and expedited team truckload services
throughout North America, with regional capabilities in the West,
Midwest, and Southeastern United States. The Company is one of the
largest providers of expedited and time-definite services in the
truckload industry and is a leader in providing expedited
intermodal rail services. Xpress Global Systems, Inc., a wholly
owned subsidiary, is a provider of transportation, warehousing, and
distribution services to the floor covering industry. The Company
participates in logistics services through its joint ownership of
Transplace, an Internet-based global transportation logistics
company. U.S. Xpress has an 80% ownership interest in Arnold
Transportation Services, Inc., which provides regional, dedicated,
and medium length-of-haul services with a fleet of approximately
1,500 trucks, and Total Transportation of Mississippi and
affiliated companies, a truckload carrier that provides medium
length of haul and dedicated dry-van service with a fleet of
approximately 600 trucks primarily in the Eastern United States.
U.S. Xpress has a 49% ownership interest in Abilene Motor Express,
Inc. with approximately 170 trucks and a 40% interest in C&C
Trucking of Duncan with approximately 130 trucks. More information
about U.S. Xpress Enterprise, Inc. and its principal subsidiary
companies is available on the Company�s website at
www.usxpress.com. XPRS-G This press release contains certain
statements that may be considered "forward-looking statements"
within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended, and Section 27A of the Securities Act of 1933, as
amended. These statements generally may be identified by their use
of terms or phrases such as "expects," "estimates," "anticipates,"
"projects," "believes," "plans," "intends," "may," "will,"
"should," "could," "potential," "continue," "future," and terms or
phrases of similar substance. Investors are cautioned that all
forward-looking statements in this press release involve risks and
uncertainties that could cause actual results to differ materially
from current expectations. Readers should review and consider these
factors along with our various disclosures in filings with the
Securities and Exchange Commission. We disclaim any obligation to
update or revise any forward-looking statements to reflect actual
results or changes in the factors affecting the forward-looking
information.
U.S. Xpress (NASDAQ:XPRSA)
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