Knight Transportation Inc. has agreed not to acquire any additional stake in USA Truck Inc. for the next seven months as part of a lawsuit settlement, the carriers said.
The settlement ends a court case USA Truck had filed after Knight attempted to acquire it in September. USA Truck said Knight violated a confidentiality agreement.
“Our agreement with USA Truck represents a positive outcome for our company, as it resolves all related litigation while preserving our flexibility with respect to our investment,” Kevin Knight, Chairman and CEO of Knight, said in a statement late Feb. 4. “Knight Transportation may continue to own shares in USA Truck and, subject to the terms of the agreement, may consider its options in the future regarding that investment.”