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Smithway Approves Acquisition by Western Express
Smithway Motor Xpress Corp. said its shareholders have approved the company鈥檚 acquisition by Western Express for $10.63 a share.
Smithway鈥檚 stock closed at $10.57 a share on the Nasdaq Stock Market Wednesday.
The deal between the two truckload carriers, first announced in March, includes about $54 million in equity value and totals about $90 million, including Smithway鈥檚 debt.
The combined company would operate about 1,600 tractors in dry van operations and 1,400 tractors in flatbed operations.
Smithway is ranked No. 94 on the Transport Topics 100 list of for-hire carriers in the United States and Canada.