Daseke Ascends 14% On Decision To Buy Back Founder's Stake

(RTTNews) - Shares of flatbed and specialized transportation and logistics provider Daseke, Inc. (DSKE) are rising more than 14% Monday morning after the company announced its decision to repurchase the total stake of its founder, Don R. Daseke for $6 per share in a transaction valued about $107.6 million.

The company has entered into an agreement with Daseke to buyback 28.6% of his stock holding by paying $40 million in stock and issuing 67,597 shares of Series B Perpetual Redeemable Preferred Stock.

The repurchase is expected to close later this week.

DSKE is at $6.85 currently. It has traded in the range of $4.69-$13.17 in the last 1 year.