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TRUCKING INDUSTRY NEWS * USA - Acquisitions...
Purchase of 42 Trucking and Logistics Companies - By Large Private Equity Firms in Effort to Go Public
Englewood,CO,USA -NewswireToday - 25 June 2007: -- A private transaction has taken place between two large private equity groups purchasing $500 million in trucking companies throughout the United States... These two groups, one based on Salt Lake City, and one based in Los Angeles, are in the process of acquiring 42 trucking and logistics companies in an effort to build a large portfolio of profitable freight and logistics companies located in the U.S.... The intent of this project is to create a new publicly traded company on that will be listed on the American Stock Exchange by the end of 2007, and begin trading as a new entity. The two groups are looking at separate parts of the project based on type of business and geographic location in order to maximize profits and relative expertise... Corporate Acquisitions Group is representing both buyers and all sellers in the transaction... Corporate Acquisitions Group provides an objective point of view for both the buyers and the sellers throughout the acquisition process, providing expertise on how best go about a large and complex sale such as this one...
* Sector Glance: Trucking Companies Rise
New York,NY,USA -The Houston Chronicle (Houston,TX)/The Associated Press -June 25, 2007: -- Shares of trucking companies climbed Monday on speculation that more companies might be taken private by investors following a tender offer by two top executives at U.S. Xpress Enterprises Inc.... U.S. Xpress President Patrick E. Quinn and Chief Executive Max L. Fuller, on Friday made an offer to buy the outstanding shares of U.S. Xpress for $20 a share... Wachovia Securities analyst Justin B. Yagerman said he believes shares of truckload stocks will rise "due to continued interest by private money in the sector," combined with expectations for overall freight improvement in the second half of 2007... Swift Transportation Co., one of the nation's largest trucking companies, was taken private in May by its founder, Jerry Moyes... Here is how some key trucking stocks did Monday:
* U.S. Xpress surged $4.74, or 33.4 percent, to $18.94.
* J.B. Hunt gained 34 cents to $28.41.
* YRC Worldwide Inc. rose 51 cents to $38.21.
* Con-way Inc. increased 12 cents to $53.21.
* Werner Enterprises Inc. climbed 45 cents to $20.01.
* Universal Truckload Services Inc. rose $2.03, or 10.4 percent, to $21.52. A Stephens Inc. analyst upgraded the stock Friday...
* Trucking stocks on the rise amidst company privatization rumors
Grain Valley,MO,USA -Land Line Magazine -June 26, 2007: -- Publicly held stocks some trucking companies are going up – partially because, investors hope the companies will go private and offer top dollar for the shares... The speculation is fueled by Swift Transportation’s decision to go private in May, and this week’s revelation that top executives at U.S. Xpress Enterprises have offered to buy up all the outstanding shares and take that company private... On Monday, U.S. Express stock shot up almost 34 percent in value to just under $19 a share... Going private gets a company out from under many of the regulations of the U.S. Securities and Exchange Commission, and the requirement to issue quarterly financial reports...
* USA - YRC Fleet buy, to fuel China expansion plans
Overland Park,Kan,USA - Reuters/Trucks News (Canada) -27 June 2007: -- The planet's largest LTL carrier is expanding its network in the world's fastest-growing market... YRC Worldwide (formerly Yellow Corp.) announced a preliminary deal to acquire Chinese transportation giant Shanghai Jiayu Logistics Ltd. -- its largest such transaction in Asia to date... YRC, which was formed when Yellow Corp. bought rival Roadway for $1 billion in 2003, already operates a large Chinese air freight firm Jinjiang International Industrial Investment and a Chinese freight forwarder... According to Reuters, YRC chief executive Bill Zollars said the company would seek further acquisitions if opportunities arose...
Labels: acquisitions
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