True āproduce seasonā in the continental United States lasts from about April to October, with Sun Belt markets dominating April through June and Midwestern markets dominating July through October.
In the latest episode of "The FreightCaviar Podcast", we sit down with Michael Caney, Chief Commercial Officer at Highway. He shares tips on protecting your business against fraud and talks about Highway's newest product.
Texas-based Daseke Inc. is the latest acquisition of TFI International, a Canadian company known for its many acquisitions. TFI has completed nearly 200 acquisitions since 1996, and thirty-six have occurred over the last five years.
Acquisition Overview:
Purchase Price: TFI will pay $8.30 per share for Daseke, a 69% premium over the previous closing price.
Financing: The purchase will be funded through a combination of cash and debt.
Strategic Implications:
Revenue Boost: This deal is expected to double TFI's truckload (TL) revenue to approximately $3.6 billion.
Spinoff Consideration: TFI is contemplating spinning off its TL unit into a separate entity.
Daseke's Growth and Position:
Acquisition History: Daseke has undergone significant expansion since 2009, acquiring over 20 companies.
Current Scale: Daseke now boasts a fleet of about 4,900 tractors, 11,000 trailers, and substantial warehousing space, generating $1.8 billion in annual revenue.
Future Outlook:
Shareholder Approval: The merger awaits approval from Dasekeās shareholders.
Expected Closure: The deal is anticipated to conclude in the second quarter of 2024.
Financial Impact: The acquisition is projected to be neutral to TFI's earnings per share in 2024, with a positive impact expected in 2025.
Focus on Integration: TFI plans to improve Dasekeās financial results and integrate its operations effectively.
Market Response:
Stock Movement: Following the announcement, Dasekeās shares saw a significant increase, while TFI also experienced a positive uptick.
Daseke's stock price rockets to $8.09, a striking 75.87% increase, following TFI International's acquisition announcement.
This strategic acquisition by TFI represents a significant expansion in its operational scale and hints at future restructuring and specialization in its business segments.
Hi! I'm Adriana and I've been working for FreightCaviar as Head Writer for a little over a year now. Some of my favorite topics to cover are FreightTech, Green Freight, and nearshoring/reshoring.
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