Sent! A link has been sent to your friend’s email address. 7 To find out more about Facebook commenting please read the Conversation Guidelines and FAQs USA TODAY Sports college football staff picks USA TODAY Sports college football writer Paul Myerberg breaks down the weekend’s must-follow story lines. USA TODAY Sports 2:25 p.m. EDT September 26, 2013 Aaron Murray tries to lead Georgia past LSU in a pivotal SEC clash in Week 5. (Photo: USA TODAY Sports) Conference play starts up in Week 5 Georgia faces LSU in a pivotal SEC showdown Wisconsin and Ohio State clash in Big Ten action SHARE 12 CONNECT 40 TWEET 7 COMMENTEMAILMORE The meat of the college football season has arrived. Those incessant games against Football Championship Subdivision opponents and overmatched teams are mostly in the past. Conference play is here, and we have more than just one or two decent games to watch Saturday. The main attraction this week is in Athens with No. 10 Georgia hosting sixth-ranked LSU. For the Bulldogs, it will already be their third game against a top-10 opponent. The Tigers have played TCU away from home, but this will be the first test for their young defense against an elite offense. WEEK 5: Full TV game schedule for weekend Also in the SEC, No. 1 Alabama will face surging Mississippi.
Knight Expands USA Truck Stake Amid Vow to Pursue Takeover
(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.
Knight Transportation Responds to USA Truck’s Rejection of $9.00 Per Share All-Cash, Premium Proposal
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. In addition to operating one of the countrys largest tractor fleets, Knight also partners with third-party equipment providers to provide a broad range of truckload services to its customers while creating quality driving jobs for our driving associates and successful business opportunities for owner-operators. Forward-Looking Statements Some statements set forth in this press release, including those regarding Knights proposal to acquire USA Truck and the expected impact of an acquisition of USA Truck on Knight and its financial results and operations, contain forward-looking statements that are subject to change. Statements including words such as believe, expect, or similar words as well as statements in the future tense are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual events or actual future results to differ materially from the expectations set forth in the forward-looking statements.