Management buyout of U.S. Xpress successful
The president and chief executive of U.S. Xpress, the fourth-largest publicly owned U.S. truckload carrier, have been successful in a management buyout of the company.
Mountain Lake Acquisition Co., which is run by U.S. Xpress’ President Patrick E. Quinn and CEO Max L. Fuller, who owned all the company’s Class B stock and 28 percent of it’s Class A stock, said they now own 93.3 percent of Class A shares.
They say they plan to acquire remaining shares in the Chattanooga, Tenn.-based carrier through a merger in which the remaining stockholders who did not tender their Class A shares will receive $20.10 per share in cash.
Management buyout of U.S. Xpress successful
