Press release
Universal Logistics Holdings, Inc. Announces Extension and Increase of Tender Offer to Purchase up to 600,000 Shares
WARREN, Mich., Aug. 27, 2019 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH) (the "Company" or "ULH") today announced that it is amending its
About this update from Universal Logistics Holdings, Inc.
[{"type":"text","content":"WARREN, Mich., Aug. 27, 2019 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH) (the \"Company\" or \"ULH\") today announced that it is amending its previously announced modified \"Dutch auction\" tender offer to purchase up to 300,000 shares of its outstanding common stock at a price of not less than $21.00 and not more than $24.00 per share. Under the amended terms, the Company is now offering to purchase up to 600,000 shares of its common stock. The Company is also extending the expiration date of the tender offer. The tender offer, which was previously set to expire at 5:00 p.m., Eastern Time, on September 3, 2019, is now set to expire at 5:00 p.m., Eastern Time, on September 13, 2019, unless further extended or withdrawn. The tender offer otherwise remains subject to all previously announced terms and conditions. \n\n \nIn connection with the amendment of the tender offer, the Chairman of the Company's Board of Directors, Mr. Matthew T. Moroun, and his father, Mr. Manuel J. Moroun, who is also a director, have advised the Company that, although no final decision has been made, they may tender to up to an aggregate of 600,000 shares that they beneficially own in the tender offer, including shares held by Mr. Matthew T. Moroun individually and shares held by trusts controlled by Mr. Matthew T. Moroun or Mr. Manuel J. Moroun. The Moroun family collectively owns approximately 70.7% of the Company's issued and outstanding shares. In addition, in connection with the amendment, Mr. H. E. \"Scott\" Wolfe, a director, has advised the Company that, although no final decision has been made, he may tender up to an additional 10,000 shares that he beneficially owns, for a total of up to 15,000 shares, in the tender offer.\nThe Company is also clarifying that its shareholders of record on September 2, 2019 will be entitled to receive the previously declared quarterly cash dividend payable on October 1, 2019, even if such shareholders tender some or all of their shares in the tender offer, regardless of when such shares are tendered or whether such shares are accepted for purchase by the Company.\nThe Company's shareholders will be receiving amended and supplemented tender offer materials reflecting the amended terms of the tender offer. Shareholders that have previously tendered shares and do not wish to withdraw the tender...