USX - Why U.S. Xpress Enterprises Stock Is Up Big This Week
2023-03-23 15:25:35 ET
U.S. Xpress Enterprises (NYSE: USX) was the target of a big-premium buyout this week, and its stock is in the fast lane as a result. Shares of the trucking company are up more than 280% for the week, according to data provided by S&P Global Market Intelligence , after the company agreed to be acquired by Knight-Swift Transportation Holdings (NYSE: KNX) .
U.S. Xpress is a Tennessee-based trucking company that operates from a network of 14 facilities located primarily in the Eastern half of the U.S. The company generated about $2.2 billion in total operating revenue in 2022, operating a fleet of about 7,200 tractors and 14,400 trailers.
On March 21, Knight-Swift agreed to acquire the company for about $808 million, including debt. Terms of the deal call for Knight-Swift to pay $6.15 per share in cash for each share of U.S. Xpress, a premium of more than 300% to the target's pre-announcement closing price.
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Why U.S. Xpress Enterprises Stock Is Up Big This Week