The U.S. equity market edged has edged higher in trading today; however, the gains have been limited as market participants digested some disappointing retail sales data. The Nasdaq was last trading at 3,604.39, up 0.12% from previous trading session’s closing price. One of the biggest gainers on the Nasdaq today is Frozen Food Express Industries Inc. (NASDAQ: FFEX), a provider of temperature-controlled truckload and less-than-truckload services in the U.S.
FFEX shares are surging after the company announced that it agreed to be acquired by Duff Brothers Capital Corporation. Duff and FFEX entered into a definitive agreement under which Duff will acquire outstanding shares of common stock of FFEX for $2.10 per share in an all cash transaction. The transaction values FFEX at approximately $38.2 million in equity value. The deal has been approved by the FFEX Board of Directors.
The offer price from Duff Brothers represents a premium of 23.50% over FFEX’s closing price on July 12, 2013. The offer price represents a premium of 26.50% over the closing price on March 1, 2013, which was the last full trading day before the announcement that Duff acquired approximately 5.84% of the outstanding shares of FFEX.
Under the terms of the agreement, Duff will commence a tender offer to acquire all of the outstanding shares of common stock of FFEX not already owned by it or its affiliates. FFEX’s Board has already recommended the company’s shareholders to tender their shares into the offer. The transaction is expected to be completed by late August or early September of 2013.
Russell Stubbs, President and CEO of Frozen Food Express Industries, said that for over a year, the company has been reviewing a variety of strategic alternatives, which included existing less profitable businesses such as dry van truckload services, entering into the bulk tank water transportation business, and re-engineering its LTL services with technology enhancements that further differentiates its services offerings in the marketplace. Stubbs noted that as part of the process, the company is pleased when Duffs express an interest in acquiring it.
Stubbs believes the value of the transaction achieves the company’s objective of delivering immediate and compelling value for its shareholders.
Thomas Duff of James and Thomas Duff, which owns Duff Brothers Capital Corporation, said that the company is excited about the opportunity to add another leader in the temperature controlled trucking industry to its family group of businesses. Duff further said that the company will be able to bring to FFEX the financial strength that is needed to preserve and expand its operations for its valued employees for years to come.
FFEX shares have surged following the announcement of the merger. At last check, FFEX shares were trading 21.76% higher at $2.07 on above average volume of 1.26 million. The stock hit an intra-day high of $2.14. FFEX shares had been trading sideways prior to today’s surge. The stock has broken through some key technical levels as a result of the rally today.
- See more at: http://www.topstockpicks.com/public-category/big-mover-on-the-nasdaq-frozen-food-express-industries-inc-ffex/
FFEX shares are surging after the company announced that it agreed to be acquired by Duff Brothers Capital Corporation. Duff and FFEX entered into a definitive agreement under which Duff will acquire outstanding shares of common stock of FFEX for $2.10 per share in an all cash transaction. The transaction values FFEX at approximately $38.2 million in equity value. The deal has been approved by the FFEX Board of Directors.
The offer price from Duff Brothers represents a premium of 23.50% over FFEX’s closing price on July 12, 2013. The offer price represents a premium of 26.50% over the closing price on March 1, 2013, which was the last full trading day before the announcement that Duff acquired approximately 5.84% of the outstanding shares of FFEX.
Under the terms of the agreement, Duff will commence a tender offer to acquire all of the outstanding shares of common stock of FFEX not already owned by it or its affiliates. FFEX’s Board has already recommended the company’s shareholders to tender their shares into the offer. The transaction is expected to be completed by late August or early September of 2013.
Russell Stubbs, President and CEO of Frozen Food Express Industries, said that for over a year, the company has been reviewing a variety of strategic alternatives, which included existing less profitable businesses such as dry van truckload services, entering into the bulk tank water transportation business, and re-engineering its LTL services with technology enhancements that further differentiates its services offerings in the marketplace. Stubbs noted that as part of the process, the company is pleased when Duffs express an interest in acquiring it.
Stubbs believes the value of the transaction achieves the company’s objective of delivering immediate and compelling value for its shareholders.
Thomas Duff of James and Thomas Duff, which owns Duff Brothers Capital Corporation, said that the company is excited about the opportunity to add another leader in the temperature controlled trucking industry to its family group of businesses. Duff further said that the company will be able to bring to FFEX the financial strength that is needed to preserve and expand its operations for its valued employees for years to come.
FFEX shares have surged following the announcement of the merger. At last check, FFEX shares were trading 21.76% higher at $2.07 on above average volume of 1.26 million. The stock hit an intra-day high of $2.14. FFEX shares had been trading sideways prior to today’s surge. The stock has broken through some key technical levels as a result of the rally today.
- See more at: http://www.topstockpicks.com/public-category/big-mover-on-the-nasdaq-frozen-food-express-industries-inc-ffex/
The
U.S. equity market edged has edged higher in trading today; however,
the gains have been limited as market participants digested some
disappointing retail sales data. The Nasdaq was last trading at
3,604.39, up 0.12% from previous trading session’s closing price. One of
the biggest gainers on the Nasdaq today is Frozen Food Express
Industries Inc. (NASDAQ: FFEX), a provider of temperature-controlled
truckload and less-than-truckload services in the U.S. - See more at:
http://www.topstockpicks.com/public-category/big-mover-on-the-nasdaq-frozen-food-express-industries-inc-ffex/#sthash.kDAF47Gs.dpuf
The
U.S. equity market edged has edged higher in trading today; however,
the gains have been limited as market participants digested some
disappointing retail sales data. The Nasdaq was last trading at
3,604.39, up 0.12% from previous trading session’s closing price. One of
the biggest gainers on the Nasdaq today is Frozen Food Express
Industries Inc. (NASDAQ: FFEX), a provider of temperature-controlled
truckload and less-than-truckload services in the U.S. - See more at:
http://www.topstockpicks.com/public-category/big-mover-on-the-nasdaq-frozen-food-express-industries-inc-ffex/#sthash.kDAF47Gs.dpuf
The
U.S. equity market edged has edged higher in trading today; however,
the gains have been limited as market participants digested some
disappointing retail sales data. The Nasdaq was last trading at
3,604.39, up 0.12% from previous trading session’s closing price. One of
the biggest gainers on the Nasdaq today is Frozen Food Express
Industries Inc. (NASDAQ: FFEX), a provider of temperature-controlled
truckload and less-than-truckload services in the U.S. - See more at:
http://www.topstockpicks.com/public-category/big-mover-on-the-nasdaq-frozen-food-express-industries-inc-ffex/#sthash.kDAF47Gs.dpuf
The
U.S. equity market edged has edged higher in trading today; however,
the gains have been limited as market participants digested some
disappointing retail sales data. The Nasdaq was last trading at
3,604.39, up 0.12% from previous trading session’s closing price. One of
the biggest gainers on the Nasdaq today is Frozen Food Express
Industries Inc. (NASDAQ: FFEX), a provider of temperature-controlled
truckload and less-than-truckload services in the U.S. - See more at:
http://www.topstockpicks.com/public-category/big-mover-on-the-nasdaq-frozen-food-express-industries-inc-ffex/#sthash.kDAF47Gs.dpuf
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