U.S. Xpress retains financial adviser for tender offer

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U.S. Xpress Enterprises announced Tuesday, Aug. 7, that the independent special committee of its board of directors has retained Wachovia Securities as the committee’s financial adviser to assist the committee in its evaluation of the proposed unsolicited tender offer by Mountain Lake Acquisition Co., a company owned by the Chattanooga, Tenn.-based carrier’s co-chairmen, Patrick E. Quinn and Max L. Fuller.

As announced on July 25, the independent special committee, comprised solely of independent directors and constituting a majority of the entire board of directors, has engaged an independent legal adviser and is beginning its analysis of the proposed unsolicited tender offer by MLAC at $20 per share for all of the outstanding shares of Class A common stock of the company not presently owned by Quinn and Fuller and certain affiliated entities.