Former Swift CEO Moyes Reportedly Offers to Buy Company
ormer Swift Transportation Co. chief executive officer Jerry Moyes has made a $29 per-share offer to buy the truckload carrier, Bloomberg reported Monday.
Moyes’ proposal was made in a letter to Swift’s board last week, the company said in a statement, Bloomberg reported. The offer represents about a 21% premium over Friday’s stock closing price of $24.05, Bloomberg said.
The stock’s price Monday rose as much as 25% to more than $30 in pre-market trading on the Nasdaq market, Bloomberg said. The stock price has closed below $29 since July 20, according to Bloomberg figures.
Swift said Goldman Sachs Group is acting as its financial advisor during the negotiations and Morgan Stanley will represent Moyes, Bloomberg said.
Swift, the largest U.S. truckload carrier, is ranked No. 9 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
