Originally published at www.seclive.com
Frozen Foods Express Industries (NASDAQ:FFEX), a temperature-controlled trucking company, has entered an agreement with Duff Brothers Capital Corporation in which it will be acquired by Duff Brothers for $2.10 cash per share, equating to approximately $38.2M in total. Duff Brothers, owned by Thomas and James Duff, also indirectly owns KLLM Transport Services, another temperature-controlled trucking company. Thomas Duff remarked that the company is excited to add Frozen Foods Express to the business and, by combining resources, will be able to capitalize on the company's financial strength to preserve and grow operations. Russell Stubbs, President and CEO of Frozen Foods Express commented that the transaction achieves the objective of delivering value to shareholders and believes KLLM's success is an indicator of how Frozen Foods Express will benefit. The acquisition is set to close sometime late third quarter this year.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.