William B. Cassidy | Dec 08, 2010 11:20AM EST
Dynamex received a higher offer from an unnamed bidder, jeopardizing its $237.8 million acquisition by transportation investor Greenbriar Equity Group.
That unnamed suitor, which failed in an earlier bid for Dynamex, increased its offer for the same-day carrier to $25 per share, or approximately $247.7 million.
Greenbriar now has four days to come back with a better deal, under its agreement with Dynamex. If Dynamex terminates the deal, it must pay Greenbriar $7.7 million.
Greenbriar has been struggling with its unnamed adversary for Dynamex, a Dallas-based company that operates in the U.S. and Canada with annual revenue of $406.5 million.
The private equity investor first offered $210.6 million for Dynamex, a publicly owned company, in October. It raised that bid to $237.8 million last month.
Greenbriar's rival for Dynamex may have been Canadian transport giant TransForce, according to a report in Canada's The Globe and Mail newspaper.
Dynamex sources 38 percent of its sales in Canada -- roughly $154 million in its last fiscal year, up 6.8 percent from the previous year.
The value of Dynamex's stock rose by almost a dollar Wednesday morning to $25.20 a share. The stock price has risen from $12.05 a share in early September.
Dynamex reported a net profit of $1.4 million on $110.6 million in revenue in the last quarter, when higher purchased transportation costs cut into its profit.
-- Contact William B. Cassidy at wcassidy@joc.com.
