Moyes will acquire Swift Transportation
Feb 1, 2007 12:00 PM
Phoenix AZ-based truckload carrier Swift Transportation Co Inc has reached a definitive merger agreement with an entity established by Jerry Moyes, the firm's largest shareholder, a current director, and ex-chairman of the board and chief executive officer of Swift. Under terms of this agreement, Moyes and some family members will acquire Swift in an all-cash transaction worth about $2.74 billion. This includes the assumption of around $332 million of net debt.
As part of this agreement, Swift shareholders will get $31.55 in cash for each outstanding share of Swift common stock.
Jock Patton, chairman of Swift's board of directors, said, “After careful consideration, and in close consultation with our financial and legal advisors, the special committee, which is composed of three of the board's independent directors, and full board (other than Moyes) unanimously approved the transaction. We believe the all-cash $31.55 per share price represents a fair value for the company and is in the best interest of all shareholders.”
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