Knight made public its offer to buy the Van Buren, Arkansas-based company in a $242 million transaction on Sept. 26, sending USA Truck shares soaring 36 percent, the biggest advance since its initial public offering in 1992. The combination would help allay risk in the short-haul carriers turnaround plan and help reverse eight consecutive quarters of net losses, said Knight, which is based in Phoenix. USA Truck rose 4.3 percent to $8.96 at the close in New York . The shares have more than doubled this year. Knight was little changed at $16.52 and has increased 13 percent this year. Thursdays press release is our comment, USA Truck Chief Financial Officer Clifton Beckham said today by phone, referring to the companys Sept. 26 rebuff of the offer. Nicholas Leasure, a spokesman for Knight, declined to comment beyond the filing. This is not the first offer that USA Truck has turned down. The company rejected a proposal for merger talks from Celadon Group Inc.
America’s Cup: Australians to challenge Team USA
Karen Carey, 36, of Lyndonville, Vt., and her family expected to achieve their dream of homeownership this fall. Now “we are at a standstill.” The Careys’ loan officer says the shutdown could delay their Nov. 15 closing and force them to get an extension on their sales agreement. It also could affect the interest rate they had been offered. “I’m hoping for myself and family that it is a small blip,” Carey says of the shutdown. “It’s a big deal. It puts our life on hold. “You cross the hurdle that the home inspection goes well. You get all the paperwork in on time. You cross your fingers that your loan gets approved and then they just throw a stop sign up,” Carey said. “It is frustrating to have no say.” The impact was immediate at national parklands. At Assateague Island National Seashore in Maryland, a sign outside warned “National Seashore Closed. Federal government Shutdown.” Barricades blocked the entrance to the visitors center, and public restrooms were locked. “Disappointment is generally the look I see on people’s faces,” said Assistant Chief Ranger Walt West. The National Park Service notified campers they had 48 hours to leave.
STORY HIGHLIGHTS Australian wine mogul Bob Oatley has announced plans to enter a team in the America’s Cup The vintner filed his challenge to the Golden Gate Yacht Club Oracle Team USA are the defending champions of the elite sailing trophy The Americans fought back to defeat Emirates New Zealand (CNN) — Australian tycoon Bob Oatley is turning from wine to water as he announced his intention to build a team to challenge defending America’s Cup champions Oracle Team USA. The renowned vintner filed his intention to challenge for the 35th edition of sailing’s blue ribbon event Monday. Oatley — a man who is described as “as famous for his wine as he is for sailing” — lodged his intent with San Francisco Golden Gate Yacht Club. The club is classed as the “defender and trustee” of the trophy after its team, owned by American billionaire Larry Ellison, won the 34th America’s Cup last Wednesday. Oracle Team USA staged a magnificent comeback from 8-1 down to sail to a 9-8 win over Emirates New Zealand to claim the oldest trophy in sport. The American boat was packed with an international crew and skippered by Australian Jimmy Spithill. A Comeback for the Ages The sailors who race the America’s Cup Oatley said seeing what the sailors from the southern hemisphere achieved on the waters of San Francisco Bay persuaded him it was the right time to enter an Australian team to challenge Team USA. “Given Australia’s previous success in the America’s Cup, the Admiral’s Cup and Olympic yachting, and as proud Australians, we think it is time for our nation to be back in our sport’s pinnacle event,” Oatley said. “The recently completed America’s Cup in San Francisco has revolutionized the sport for sailors and fans, and we were excited to see how many Australians played key roles on the teams and in the regatta organization.” Oatley lodged his entry through the Hamilton Island Yacht Club. The entrepreneur owns the island off the east coast of Australia and has taken to the waters with great success, seeing his crews win the Admiral’s Cup and consecutive Sydney to Hobart yacht races. Details on the dates and venue for the next edition of the America’s Cup are due to be published in the first few months of 2014.