Moyes Moves To Control Simon Board
The battle for control of Simon Transportation Services escalated during the week of June 5, with the Simon and Moyes families dueling for control of the truckload, refrigerated carrier.
Richard D. Simon, founder and chairman of Simon Transportation, is joined by three other family members on the corporation’s board of directors. The board’s official policy is one of neutrality toward the tender offer, but the Simons personally have said they will not tender any of their shares to the Moyes group at the offered price of $7 a share, which give the bid an estimated value of $39 million.
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Jerry C. Moyes, acting as an individual and not in his role as chairman of Swift Transportation Co., sent out “Dear Fellow Stockholder” letters to the other Simon shareholders. It was part of a “consent solicitation” to gain control of Simon’s board of directors.
Moyes made the letter public as part of two June 8 filings with the Securities and Exchange Commission. Simon filed its side of the story with the commission on June 5.
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