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Note 17 - Unsolicited Takeover Offer from Knight Transportation
9 Months Ended
Sep. 30, 2013
Disclosure Text Block Supplement [Abstract]  
Legal Matters and Contingencies [Text Block]

NOTE 17 – UNSOLICITED TAKEOVER OFFER FROMKNIGHT TRANSPORTATION


On September 26, 2013 Knight Transportation, Inc. (“Knight”) filed a Schedule 13D with the Securities and Exchange Commission stating it had acquired 829,946 shares of our common stock (approximately 7.9%) for the purpose of pursuing a merger with us. Subsequent to this filing, Knight reported that it had increased its holdings in our stock to 1,304,517 shares (approximately 12.4%). On September 26, 2013, the Company issued a press release regarding Knight’s unsolicited proposal, indicating that our Board of Directors had previously reviewed Knight’s unsolicited proposal with the Company’s management team and independent financial and legal advisors, that the Board unanimously concluded that the proposal substantially undervalued the Company in light of the initiatives undertaken by the new management team, and the proposal was not in the best interests of the Company and its stockholders. The Company also indicated in the release that it had offered to ’s unsolicited proposal.meet with Knight to discuss the reasons why the Knight offer was inadequate.


On October 10, 2013, we filed a breach of contract complaint in the Circuit Court of Crawford County, Van Buren, Arkansas, styled USA Truck, Inc. v. Knight Transportation, Inc., alleging, among other things, that Knight misused confidential information in violation of a confidentiality agreement between Knight and the Company, by disclosing prior confidential discussions between Knight and the Company, and by using confidential information in connection with the above mentioned stock acquisitions. The lawsuit seeks to require Knight to divest the shares it acquired in violation of the confidentiality agreement.