Landair Corp. chairman & CEO Scott Niswonger and president & COO John Tweed officially have finalized their long-planned acquisition of the company.
Niswonger and Tweed, who were the company's largest shareholders, bought out Greeneville, TN-based Landair for $13 a share late last week.
Niswonger and Tweed formed Landair Acquisition Corp. in order to proceed with the purchase, and they expect to complete a short-form merger in which Landair will be merged with and into Landair Acquisition.
As part of the merger, each of the remaining publicly held Landair shares would be converted into $13.00 per share in cash, without interest. The merger is expected to become official on February 28.