Swift Founder Jerry Moyes to Buy Company for $2.74 Billion
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Swift Transportation Co. agreed late Friday to be acquired by company founder Jerry Moyes for $31.55 a share, or about $2.74 billion, the company said.
Moyes, who founded Phoenix-based Swift more than 40 years ago with his father and brother, will take the company private, the Associated Press reported. His group, which includes family members, also will assume $332 million in debt.Pending shareholder approval, the deal would be finalized in the second quarter, AP reported.“I am extremely pleased to have reached this agreement with Swift and look forward to building on the unique Swift legacy that has positioned the Company for continued growth and success,” Moyes said in a statement.Swift in late November rejected an earlier offer by Moyes of $29 a share. (Click here for previous coverage.)Swift shares closed Friday at $27.74 on the Nasdaq Stock Market, where they have traded in a 52-week range of $21.25 to $33.66, AP reported.“We believe the all-cash $31.55 per share price represents a fair value for the Company and is in the best interest of all shareholders,” said Jock Patton, Swift’s chairman. Swift is ranked No. 9 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers and is the largest U.S. truckload carrier.
Swift Transportation Co. agreed late Friday to be acquired by company founder Jerry Moyes for $31.55 a share, or about $2.74 billion, the company said.
Moyes, who founded Phoenix-based Swift more than 40 years ago with his father and brother, will take the company private, the Associated Press reported. His group, which includes family members, also will assume $332 million in debt.Pending shareholder approval, the deal would be finalized in the second quarter, AP reported.“I am extremely pleased to have reached this agreement with Swift and look forward to building on the unique Swift legacy that has positioned the Company for continued growth and success,” Moyes said in a statement.Swift in late November rejected an earlier offer by Moyes of $29 a share. (Click here for previous coverage.)Swift shares closed Friday at $27.74 on the Nasdaq Stock Market, where they have traded in a 52-week range of $21.25 to $33.66, AP reported.“We believe the all-cash $31.55 per share price represents a fair value for the Company and is in the best interest of all shareholders,” said Jock Patton, Swift’s chairman. Swift is ranked No. 9 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers and is the largest U.S. truckload carrier.
