Moyes Drops Takeover Bid For Simon Transportation

Simon Transportation will remain a family business for now as Jerry C. Moyes announced June 30 that he would let his takeover tender offer expire unfulfilled.

“Based on the response to date, I concluded that the tender offer and consent solicitation were unlikely to succeed,” said Moyes, chairman of Swift Transportation in Phoenix.

He said that a previously announced one-week extension in his offer had not produced sufficiently positive results to entice him to continue.

According to documents filed with the Securities and Exchange Commission, Moyes controls 848,550 of Simon’s 5.4 million Class A common shares. Beyond that, he stood to gain an additional 1.4 million shares through his $7-a-share tender offer, which was unveiled May 23.

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