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August 25, 2014
14:57 EDTUSAKADW Capital acquires 3% stake in USA Truck, seeks strategy review to boost value
ADW Capital Partners, the owner of nearly 3.0%, of USA Truck (USAK), sent a letter to the companyís board urging the board to take a multi-step approach to unlock shareholder value at the company. In the letter, ADW says that the price appreciation in the company's stock since late 2012 is due to Knight Transportation's (KNX) hostile bid for the company and not because of any turnaround initiatives that may have been put into place once the CEO was replaced and the board was restructured in 2012. ADW said in the letter, "We believe USA Truckís board should explore all available strategic alternatives which should include a complete replacement of management and divisional leadership, an operational restructuring plan to align segment fixed costs with segment revenues, a full and/or partial sale of its truckload division, a sale or spinoff of USA Truckís SCS division, and/or a sale of USA Truck in its entirety."
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