Former Swift CEO Moyes Reportedly Offers to Buy Company
#1
11-07-2006, 07:48 AM
Join Date: Oct 2006
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Former Swift CEO Moyes Reportedly Offers to Buy Company
Read this on http://www.ttnews.com
Former Swift Transportation Co. chief executive officer Jerry Moyes has made a $29 per-share offer to buy the truckload carrier, Bloomberg reported Monday.
Moyes’ proposal was made in a letter to Swift’s board last week, the company said in a statement, Bloomberg reported. The offer represents about a 21% premium over Friday’s stock closing price of $24.05, Bloomberg said. The stock’s price Monday rose as much as 25% to more than $30 in pre-market trading on the Nasdaq market, Bloomberg said. The stock price has closed below $29 since July 20, according to Bloomberg figures. Moyes paid $1.25 million in September 2005 to settle a case accusing him of insider trading, Bloomberg reported. He stepped down as chairman and CEO in October 2005. Swift said Goldman Sachs Group is acting as its financial advisor during the negotiations and Morgan Stanley will represent Moyes, Bloomberg said. Swift, the largest U.S. truckload carrier, is ranked No. 9 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
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#3
11-08-2006, 01:05 AM
When they get caught doing the inside trading thing it is almost always in the tens of thousands and higher range.Depending on his situation,if he was able to hold on to his shares that he probably accumilated over time,wheather he may have "hid" them,i.e.offshore,trust funds, trans to relatives etc, he may have a substantial chunk.If he does,well he just increased his stock portfolio by 25% Keep in mind I am just "spectulating" on this and have no idea of the entire situation about this.Just my opinion thats all
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