Swift’s Moyes Nears Completion of Simon Deal
When a hard, frontal assault failed for trucking executive Jerry C. Moyes, he changed tack and tried the soft, sweet rustle of cash. That course of action won him controlling interest in Simon Transportation Services.
After gaining a foothold in STS, Moyes launched a $7-a-share tender offer on May 23. He was thwarted by Simon shareholders who were not receptive to his $39 million offer to buy the shares he did not already own.
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For a payment of $8.22 million to founder Richard D. Simon, Moyes will become the next chairman of the board of Simon Transportation Services, the two men announced Aug. 10. That total is what Moyes will pay Simon for his 913,000 shares of Class B stock, priced at $9 each.
Moyes, the chairman of Swift Transportation Co., began his efforts to acquire Simon in July 1999. He said he plans to keep Simon an independent company, not a subsidiary of Swift.
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