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April 27, 2007 5:00 PM, EDT

Swift OKs Moyes’ Takeover

Tom Biery/Trans Pixs

Swift Transportation’s shareholders Friday approved a $2.5 billion bid by company founder Jerry Moyes to take the truckload carrier private, Bloomberg reported.

Moyes will pay $31.55 a share for Swift, which he founded in 1960 with a single truck and took public in 1990, Bloomberg said.

Swift’s board agreed to the takeover bid in January after striking down Moyes’ initial offer of $29 a share in November.

Swift is ranked No. 9 on the Transport Topics 100 list of the largest for-hire carriers in the United States and Canada and is the largest U.S. truckload carrier.