Liberate Technologies announced today that it has offered $21 per share to acquire USA Truck, the Van Buren-based trucking operation. The offer represents a 22 percent premium over USA Truck’s current share price. Terms and conditions were outlined in a letter, which indicates that private discussions have been taking place for months but that today’s public revelation may be considered an unwelcome bid.

“By putting on paper our proposal and intentions, we hope to clearly state our offer and break the current impasse in our discussions,” the letter states. “We appreciate the constructive dialogue over the past months and your timely response to our questions. We also appreciate the directness with which you personally have communicated with us and the willingness to consider our viewpoints.”

The letter continues: “To date, the company's response to our initial offer has been that it is insufficient, and, therefore, the company has refused to discuss the details of our proposal or to allow us to conduct due diligence. The company has, in fact, even been unwilling to give us guidance as to what might constitute a sufficient offer to begin discussions.

"We ask that you reconsider our offer. If you believe the company is worth more than $21 per share, we would welcome a fuller process that could permit us to validate that higher value and to deliver the best deal possible for all shareholders. If the company were to permit us to conduct due diligence, we may be able to offer a higher price.”

Liberate ends the letter by asking that the full USA Truck board review the offer and give a response by October 5, 2006. Liberate delisted as a public company last December. It is a diversified holding company that provides services to cable networks.

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