Foxfire
June 6th, 2005, 15:05
Trism in Early Sale Talks; Adopts Rights Plan
Kennesaw, Ga.-based Trism Inc. (TSMX), a flatbed trucking company that hauls specialized heavy loads and hazardous materials, said Friday it “is currently in preliminary discussions with third parties who have expressed an interest in acquiring all or substantially all of the assets of Trism.”
The company made the comment as it announced that its board has adopted a “stockholders’ rights plan.” Such plans are sometimes referred to as “poison pills,” because they can make it harder for outside groups to take control of a company by suddenly buying up large chunks of stock.
Its Friday announcement added that a group led by its former chairman and chief executive, Edward McCormick, “has claimed to have entered into an agreement to acquire the shares of common stock and senior subordinated notes due 2005” now held by a financial institution that is Trism’s largest stockholder and noteholder.
As previously reported by Transport Topics, McCormick had led the company out of a 1999 bankruptcy during February 2000, but then had a difficult time witH members of the board. He left the company last October.
Trism operates a pool of more than 1,700 tractors and 4,000 trailers throughout North America. It is ranked No. 56 in the Transport Topics 100 list of U.S. trucking companies, based on 1999 data.
Kennesaw, Ga.-based Trism Inc. (TSMX), a flatbed trucking company that hauls specialized heavy loads and hazardous materials, said Friday it “is currently in preliminary discussions with third parties who have expressed an interest in acquiring all or substantially all of the assets of Trism.”
The company made the comment as it announced that its board has adopted a “stockholders’ rights plan.” Such plans are sometimes referred to as “poison pills,” because they can make it harder for outside groups to take control of a company by suddenly buying up large chunks of stock.
Its Friday announcement added that a group led by its former chairman and chief executive, Edward McCormick, “has claimed to have entered into an agreement to acquire the shares of common stock and senior subordinated notes due 2005” now held by a financial institution that is Trism’s largest stockholder and noteholder.
As previously reported by Transport Topics, McCormick had led the company out of a 1999 bankruptcy during February 2000, but then had a difficult time witH members of the board. He left the company last October.
Trism operates a pool of more than 1,700 tractors and 4,000 trailers throughout North America. It is ranked No. 56 in the Transport Topics 100 list of U.S. trucking companies, based on 1999 data.