Greenbriar Equity Group has increased its offer for Dynamex to $24 per share, or roughly $234 million, Reuters reported. By upping its offer, Greenbriar outbid a third party who recently bid $23.50 per share for the Dallas-based logicistcs company. Greenbriar Equity is based in Rye, New York. Dynamex provides same-day delivery and logistics services.
(Reuters) – Logistics firm Dynamex Inc said Greenbriar Equity Group LLC raised its buyout offer to $24 a share, or about $234 million, outbidding a third-party bid.
In October, Dynamex agreed to be bought by transportation and logistics focused private equity firm Greenbriar for $21.25 a share. Last week, Dynamex said a third party had made an offer of $23.50 a share.
Dynamex and Greenbriar have amended the termination fee payable to Greenbriar to $7.7 million. They also amended the reverse termination fee payable to Dynamex.
Dynamex’s shares, which have risen 89 percent in the last three months, closed up 2 percent at $24.15 on Tuesday on Nasdaq. They touched a 20-month high of $24.95 earlier. (Reporting by A.Ananthalakshmi in Bangalore)