Swift Transportation Co., the third-largest trucking company in the U.S., said its founder, Jerry Moyes, will buy the company for $2.74 billion in cash.
Moyes, the company's largest shareholder and former Chairman and CEO of Swift, will pay $31.55 for each Swift share. The purchase price includes about $332 million of assumed debt.
The deal, expected to close in the second quarter, comes a few months after Swfit's Board rejected a $29 offer from Moyes.
"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 Mr. Moyes) unanimously approved the transaction," said Jock Patton, Chairman of Board and of the Special Committee. "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."
"Swift, which I founded in 1966 as a small company with a strong entrepreneurial spirit, has evolved into the operator of the largest truckload fleet in the United States with a dedicated and energetic team of employees, over 17,900 trucks and nearly $3.2 billion in revenues," Moyes said. "I am extremely pleased to have reached this agreement with Swift and look forward to building on the unique Swift legacy that has positioned the company for continued growth and success."