A Special Committee of the Board of Directors of the carrier, based on analysis by its financial advisor, Goldman, Sachs & Co., concluded that the offer of former CEO and largest shareholder, Jerry Moyes, for $29 a share was inadequate.
Jack Patton, Board Chairman and Chair of the Special Committee, says it 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.”
Discussions on a sale of the remaining 61% or so of Swift stock to Moyes or “other parties,” as the company states, are ongoing although there is no guarantee that any of these discussions will lead to “any specific transaction.”
Some financial analysts have said that Moyes is capable of financing a purchase price of as much as $34 per share, but speculates that if a deal is made, the price will come in at approximately $30 per share.
According to news reports, there have already been two separate lawsuits filed by Swift shareholders saying that the $29 per share price is too low.