Daseke, Inc. (CCJ Top 250, No. 23) on Friday announced that, with the unanimous approval of Daseke’s board of directors, it has entered into a definitive agreement to be acquired by TFI International Inc. (No. 4). The acquisition is an all-cash transaction that values Daseke at an enterprise value of approximately $1.1 billion.
Subject to the terms of the agreement, Daseke common stockholders will receive $8.30 per share in cash, representing a premium of 69% to the last reported sale price on Dec. 21, and a premium of 82% to the volume-weighted average price (VWAP) of the common stock for the 30 trading days ending on Dec. 21
“We believe this transaction to be a tremendous outcome for our Daseke shareholders, providing a near-term liquidity event at a significant premium, and is consistent with our stated priority of progressing opportunities that maximize value for our shareholders," said Jonathan Shepko, Daseke CEO. "TFI has a proven track record of successfully executing acquisitions that deliver value for its customers, shareholders, partners and team members. We are very fortunate to be joining a like-minded organization who shares our commitment to strong customer relationships, services excellence, and utmost respect for our professional drivers, each of which has fueled Daseke’s success over the last 15 years.”
Daseke's fleet includes approximately 4,500 tractors and 11,000 flatbed and specialized trailers, and a million-plus square feet of industrial warehousing space.
TFI Chairman, President and Chief Executive Officer Alain BĂ©dard noted the acquisition is "highly complementary" to TFI's existing operations and scales its truckload segment into a leading North American truckload transportation and logistics business.
"Daseke’s deep expertise in servicing a broad portfolio of specialized and industrial end markets such as high-security cargo, agriculture, manufacturing, and construction, is critical given the relative strength of specialized market dynamics today," said Bédard. "We extend a warm welcome to the Daseke team. This acquisition also advances our strategic consideration of creating a unique opportunity for shareholders to separately invest in a specialized truckload business and in an LTL, P&C and Logistics business. Our immediate focus will be on improving Daseke’s financial results, with the strategic consideration to follow and be ongoing.”
The transaction is expected to close during the second quarter of 2024, subject to Daseke common stockholder approval, regulatory approvals and other customary closing conditions. Closing is not subject to any financing condition.
Upon closing of the transaction, Daseke’s common stock will no longer be listed on any stock exchange, and Daseke will operate its portfolio of brands as part of TFI International’s Truckload segment.
Daseke is comprised of a number of specialized and flatbed trucking companies, including Smokey Point Distributing, E.W. Wylie, J. Grady Randolph, Lone Star Transportation, Bulldog Hiway Express, Big Freight Systems, the Steelman Companies, the Roadmaster Group, Central Oregon Trucking Company, the Boyd Companies, WTI Transport, Hornady Transportation, and TSH & Co.
