Transportation Industry
Moyes to Buy Remaining Shares Of Swift for $1.8 Billion in Cash
Transport Topics, January, 2007 by Reiskin, Jonathan S
A second effort by Swift Transportation Co. founder Jerry Moyes resulted in a definitive agreement for him to pay $1.8 billion in cash to purchase the 61% of the truckload carrier he does not already own and assume all of Swift's debt, the corporation said Jan. 19.
Investment bank Morgan Stanley will finance the transaction, which will yield $31.55 a share for stockholders. The deal also includes the assumption of debt valued at $332 million. In November, Moyes offered $29 a share for the carrier he started with family members in 1966, but it was rejected by Swift's board.
If the deal is completed during the second quarter as scheduled, Moyes will be the majority owner of three firms on TRANSPORT TOPICS' 100 list of the largest U.S. and Canadian for-hire carriers. Swift...
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