Knight sells off part of USA Truck stock
Knight Transportation has sold about $1.8 million worth of stock in USA Truck.
In a filing with the Securities and Exchange Commission, the Phoenix transportation firm, which attempted a takeover of USA Truck last year, disclosed two sales totaling 111,400 shares of stock at an average of $17.06 per share.
Knight's attempted takeover included offers of $9 per share in September 2013. Earlier this year, the company entered into a standstill agreement that prohibited it from acquiring additional stock or attempting to acquire USA truck or influence the makeup of its shareholders.
Currently, Knight owns 1.19 million shares of USA Truck and remains the company's third-largest shareholder. It is unclear from the filing who purchased the shares sold by Knight.
A pair of investment firms, Stone House Capital Management of New York and Baker Street Capital of Los Angeles, are the top two shareholders of USA Truck stock. They announced last week the formation of United Shareholders for the Benefit of USAK, a group holding 28 percent of USA Truck's stock.
USA Truck will hold its annual shareholders meeting May 23. Shares of the company closed at $16.71, down $0.36 from trading a day earlier.
-- Chris Bahn
Business on 05/16/2014