U.S. Xpress management leading $20-per-share tender offer for the company

By Lisa Kerner

Charlotte, N.C., June 22 - Mountain Lake Acquisition Co., led by U.S. Xpress Enterprises, Inc. president Patrick E. Quinn and chief executive officer Max L. Fuller, plans to begin a $20.00-per-share tender offer for all the outstanding class A common stock of U.S. Xpress "as soon as practicable," according to a company news release.

The per-share price is a 44% premium over the average reported closing price of $13.88 per share for the 30 trading days ended June 21 and a 41% premium over the $14.23-per-share closing price on June 21.

Following the completion of the tender offer, Mountain Lake expects to complete a short form merger to acquire remaining shares at $20.00 per share.

Mountain Lake has funding commitments from SunTrust Bank and SunTrust Capital Markets, Inc. for the tender offer as well as for post-closing financing.

Quinn and Fuller, collectively owning about 28% of U.S. Xpress' shares, do not intend to tender their shares in the offer.

U.S. Xpress is a truckload carrier located in Chattanooga, Tenn.

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