INDIANAPOLIS ― Trucker Celadon Group reported a 6.29 percent stake in USA Truck Inc., and said it was interested in buying its smaller rival.
In a regulatory filing, Celadon said it recently asked to meets USA Truck’s management to discuss a possible association between the companies, potentially including a combination of the two.xxCeladon, which has annual revenue of around $557 million, has not yet had talks with USA Truck and does not know whether the target firm would entertain any such discussions, it said.
USA Truck, valued at $86 million, recently said it expected to post a third-quarter loss due to a significant decrease in the efficiency of its truckload operations.
Its revenue last year was $387 million.
Shares of USA Truck jumped 21 percent to $9.97 on Tuesday on Nasdaq. The stock had dropped sharply in late-August after the company posted disappointing second-quarter results.
Celadon shares rose 4 percent to $9.66, a three-week high.