Moyes and some of his family members will be the owners after the all-cash purchase of about $2.74 billion clears the usual regulatory scrutiny. Included in the purchase price is assumption of $332 million of net debt.
Initially Moyes had offered shareholders $29. per share which was turned down by the company’s board. The final terms are for $32.55 in cash for each outstanding share of Swift common stock. This represents a premium of 31% per share on the closing price of the stock on November 3, 2006.
“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,” notes Moyes. “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."