logo
Plus   Neg
Share
Email

Frozen Food Express Agrees To Be Acquired By Duff Brothers Capital Corp.

Frozen Food Express Industries or FFE (FFEX), an operator of temperature-controlled truckload and less-than-truckload carriers, Monday said it would be acquired by Duff Brothers Capital Corporation, wholly owned by Thomas and James Duff, who also indirectly owns KLLM Transport Services, LLC, for $2.10 per share in cash. The deal, which is a result of strategic alternatives, values FFE at about $38.2 million in equity value, and was unanimously approved by the FFE Board of Directors. The transaction is expected to close by late August or early September.

"For over a year, we have been reviewing a variety of strategic alternatives for FFE, which included exiting less profitable businesses, such as dry van truckload services, entering into the bulk tank water transportation business, and re-engineering our LTL services with technology enhancements that further differentiate our service offerings in the marketplace...," said Russell Stubbs, President and CEO of FFE.

Stephens Inc. is acting as exclusive financial advisor to the FFE Board of Directors and provided a fairness opinion to the FFE Board of Directors. Baker & McKenzie LLP is acting as legal counsel to the FFE Board of Directors. Krage & Janvey, L.L.P. is acting as legal counsel to Duff Brothers Capital Corporation.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
In a move likely to further inflame global trade tensions, President Donald Trump has threatened to impose a 20 percent tariff on all cars imported to the U.S. from the European Union. Trump claimed he would impose the new tariffs unless the EU removes tariffs and trade barriers placed on the U.S. The Federal Reserve has determined that the largest U.S. banks are strongly capitalized and would be able to lend to banks as well as households during a severe global economic recession. This is the fourth straight year that all banks have met the Federal Reserve's standards. The first round of results of the supervisory stress tests were released by the central bank on Thursday. The "safety" driver behind the wheel of a self-driving Uber was streaming a television show on her smartphone up until about the time of a fatal crash in March, according to a report from the Tempe Police Department. Uber's self-driving Volvo SUV, which was traveling at under 44 miles per hour, had struck and killed a pedestrian in Arizona on March 18.
Follow RTT