Swift Rejects Moyes' Buyout Offer

wift Transportation Co. on Monday rejected an offer from its former chief executive officer, Jerry Moyes, to take the truckload carrier private in a deal that valued the company at $29 a share.

Moyes’ proposed price was “inadequate,” Swift said in a statement.

A special committee of Swift’s board of directors, which had convened to consider Moyes’ offer, “does not believe the current proposal from Jerry Moyes adequately reflects the full value of Swift's franchise, industry-leading position, recent significant performance improvements and opportunities ahead,” said Jock Patton, Swift’s chairman.

Swift said it will continue discussions with Moyes to explore whether its former CEO would consider increasing his offer. The company also noted it had begun talks with other potential buyers.

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.