With assets of $337 million, owner equity of $105 million, and liabilities of $147 million, the board feels this was a low ball offer : In light of our previous discussions with Knight, we are disappointed not only that Knight decided to make its proposal public this morning, but did so in a misleading manner. In fact, on September 6, 2013, the Company responded to Knight’s letter dated August 28, 2013 informing Knight that the Board of Directors unanimously viewed Knight’s $9.00 per share proposal as inadequate, as it substantially undervalued USA Truck in light of the initiatives undertaken by our new management team. Projections Although USAK stated they feel the deal severely undervalues the company, they didn’t exactly state a deal was out of the question. KNX has stated the company wants to do the deal and is willing to come back to the table with another offer : Knight Chief Executive Officer Kevin Knight said he’d be prepared to “modestly increase” a $9 per share proposed offer price if additional value is identified in due diligence, according to an Aug. 28 letter. Knight, which had sought a response by Sept. 6., said an acquisition would bolster USA Truck’s turnaround plan and help reverse eight consecutive quarters of net losses. “Our company has a demonstrated history of operational excellence, and we believe that we can meaningfully increase the financial performance of USA Truck’s operations,” CEO Knight said in a statement today. USA Truck would be a “strategically good fit” with Knight’s operations because the trucking companies have good overlap with their service networks, said Todd Fowler, an analyst at Cleveland-based KeyBanc Capital Markets Inc. “Historically, integrating large truckload transactions is difficult,” Fowler said. “Knight is a very well-run company, so we have confidence in the management team and we think they’ve done their homework.” So where will the deal finally end up?
Roy Hibbert trying to find a workaround to join USA Basketball
Hibbert has suited up for Jamaica in the past, making the mutual desire for him to be a part of team USA going forward difficult, at best. But Hibbert seems intent on getting the situation figured out, and is in the process of doing everything he can to pave the way for him to be a part of USA Basketball in the future. From Scott Agness of Pacers.com : Pacers center Roy Hibbert wants to be part of the USA Basketball team and he said this week that international lawyers and his agent are in the process of trying to make that happen. Hibbert previously played a short stint with Team Jamaica after he was passed over and that has thus far made him ineligible. I wanted to play in the Olympics and then they invited some other guys from my draft class to be centers, Hibbert explained. I thought I could have been in that group. If I had gotten invited, I wouldnt have played for Team Jamaica. You live and you learn. If I dont play for Team USA ever again, Ill enjoy my summers and bulk up like I did this summer. Hibbert is under the impression that Team USA has to make an inquiry to FIBA, the International Basketball Federation. He then has to be let go from Team Jamaica in order to join Team USA. Simply, its a lot of red tape, USA Basketball has to determine whether its worth the effort and Jamaica has to be understanding. Its complicated, but not impossible.Hibberts father is from Jamaica, but the Pacers big man is in fact an American with dual citizenship.
Olympia Native, Jeff Causey, Sails on Oracle Team USA
Only minutes from the start of what would be the winning race for Oracle Team USA, Causey needed to repair a damaged structure around the control arms of the ships wing. This was right before the last race, about 20 minutes to go, and the race starts whether youre ready or not, said Causey, who graduated from Olympia High School in 2000. I had the best global knowledge for what needed to be done, and I had to go up about ten meters and work on the repairs. Causey succeeded in his repairs, and Oracle Team USA took home the regatta by a final tally of 9-8. The former captain of the Portland State University Sailing Team, Causey was recruited to become a member of Oracle Team USA following the 2010 America Cup, which was won by BMW Racing Oracle USA over Team Alinghi. Causeys recruitment began while working aboard The Speed Boat, which was attempting to break the record for a transatlantic crossing. I was working out of college doing semi-professional and professional sailing on a number of circuits. I worked on a 100-foot boat The Speed Boat, which was built to beat the transatlantic crossing record, explained Causey. Andrew Henderson was a rigger focusing on the rope, and overseeing that aspect (on The Speed Boat). He was also the department head of rigging at Oracle. It was just after the 2010 Americas Cup and the club was regrouping and looking for fresh faces. Thats how I arrived there. Olympia native, Jeff Causey, began sailing wooden boats in Olympia water ways. In 2011, Causey and the rest of the 130 members of Oracle Team USA began preparing for the 2013 regatta. At the end of 2010 Causey was working on the Luis Vuitton Series, participating in a number of events that took him from Sardinia, to England and to Dubai, among other locations. Once Oracle Team USA announced the team members and the location of the Americas Cup, Causey hit the ground running. He helped test products and build systems for the AC72 boat that would be used in 2013.
USA Network Holding Anti-Bullying Commercial Contest (Exclusive)
Pop singer Carly Rae Jepsen will announce the contest during Thursdays #UniteLive: The Concert to Rock Out Bullying to an audience of thousands of students in Las Vegas. We were so thrilled that Carly Rae Jepsen signed on to headline #UniteLIVE: the Concert to Rock Out Bullying, USA Networks senior vice president of public affairs, Toby Graff, told TheWrap . Shes genuinely passionate about the cause of stopping bullying and she has a huge following among the exact audience of young people were trying to reach to spread the message and help prevent bullying. Also read: Breaking Bad Star Aaron Paul Raises Nearly $1.8 Million for Anti-Bullying Charity Jepsen also appears in an original Public Service Announcement (PSA) calling for student entries to the competition that will air on USA Network. Starting Thursday, students between the ages of 13 to 18-years-old can enter the commercial contest by submitting a short written essay or video www.charactersunite.com . The winner will receive an iPad and trip to Los Angeles to see the commercial filmed. Two runner-ups will also receive iPads. The contest ends on Nov. 20. Were excited to get creative ideas on how to stop and prevent bullying from kids across the country, Graff said. They understand the issue and they know how to speak to their peers in a way that can really resonate. The Unite Against Bullying Commercial Challenge will give them a chance to express themselves, make a real difference and win a cool prize of seeing their idea made into a real TV ad. Also read: USA Welcomes Modern Family Fans With Multi-Platform Offerings USA Network, R&R Partners Foundations Flip the Script and Cox Communications presented Thursdays #UniteLive: The Concert to Rock Out Bullying. Nolan Gould (Modern Family), Sheamus (WWE), James Roday (Psych), and Mehcad Brooks (Necessary Roughness) made appearances. The concert and contest are part of USA Networks initiative called Characters Unite, which aims to combat discrimination and intolerance.