M & A Law Prof Blog

Editor: Brian JM Quinn
Boston College Law School

Friday, October 11, 2013


Stumbled across this little bit of news - USA Truck is complaining about Knight Transportation.   The two companies had been in confidential talks about possibly doing a friendly deal.  Knight had signed a confidentiality and standstill agreement, but now, according to USA Truck, Knight has been using its confidential information to pursue a creeping acquisition of the company.  In response USA Truck has filed a suit - in Arkansas - seeking an order prohibiting Knight from acquiring more stock and divesting itself of the stock it acquired.  I suppose USA will be making arguments simlar to those in Vulcan/Martin Marietta.   But, my first thought was well, why doesn't the board adopt a pill?  Turns out USA Truck has both a pill and a staggered board - a pretty insurmountable defense.  And that's not enough to dissuade a creeping acquisition?  Interesting.  Something else must be going on here.



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