USA Truck cleared an internal hurdle in its sale to DB Schenker, as shareholders voted to approve the deal on Monday, according to a securities filing.
The $435 million deal, which was announced on June 24, would fold USA Truck into DB Schenker’s Land Transport Division in the Americas Region. It would also take the company of roughly 2,100 employees and 1,900 trucks private.
When shareholders met on Sept. 12, they approved the deal with more than 6.4 million votes for the proposal, compared to roughly 10,000 votes against it. Now shareholders have approved the sale, the deal between USA Truck and DB Schenker is expected to close on Thursday, Sept. 15, 2022.
Shareholders also voted to approve, on a non-binding basis, any compensation that may be paid to current executives as a result of the acquisition. That vote was less unanimous, with 4.9 million votes casted for and nearly 1.6 million votes casted against the proposal.
USA Truck had been lobbying shareholders to vote for both proposals. The day the deal was announced, the company sent employees, community organizations and various other stakeholders letters highlighting the merits of the deal. Later, the company also sent letters notifying shareholders of legal complaints about the deal, and sent employees a video message from the CEO discussing the details of the deal.
“The opportunity to join with DB Schenker is a really unique one,” James Reed, president and CEO of USA Truck, said, according to a transcript of the video published in June. “They've been very public about their desire to take a foothold in the North America, particularly the United States, trucking market. It’s frankly, the only gap in their global portfolio is the absence of their trucking assets here in the United States. And so they wanted to grow that capability here.”