The board of directors of truckload carrier Landair Corp. has approved a buy-out offer made by two of the company's executives, who are also Landair's major shareholders.
Chairman & CEO Scott Niswonger and president & COO John Tweed plan to purchase all of the publicly held shares of Landair common stock for $13 per share in cash. Niswonger and Tweed already together own approximately 71% of Landair's common stock.
In connection with the board's recommendation, they agreed to relinquish the ability to waive the requirement to closing that enough shares must be tendered to give them ownership of at least 90% of the outstanding Landair shares.
Despite a drop in its third quarter income last year, Greenville, TN-based Landair had increased its overall profitability through the first nine months of 2002.
Landair's net income in the third quarter of 2002 dropped slightly to $1.3 million on revenues of $25.5 million, down from net income of $1.6 million on revenues of $25.8 million in the same period in 2001.
For the nine months of 2002, however, Landair said its net income went up 2% to $4.05 million on revenues of $77.5 million, compared to net income of $3.97 million on revenues of $81.9 million over the first nine months of 2001.