Last year, during a group discussion on transport companies, I recommended Swift Transporation as a good value investment in the trucking industry. Here is the news that Swift Transportation is being being taken private by its founder. I cannot remember the date of my recommendation or the price on that date, so I cannot tell if you would have made any money if you heeded my advice. I was going thru my papers today and threw away my SWFT annual rpts, and only then did I remember to post this msg to get this board up to date.
Good luck investing
Carey Thompson
Founder, Swift Transportation come to terms on buyout
Monday January 22, 2:06 pm ET
The founder of Swift Transportation Co. Inc. is buying back his Phoenix-based trucking company.
The deal is for $2.74 billion, and it will give former Chief Executive Jerry Moyes control of the third-largest trucking company in the nation. The current offer follows a $1.6 billion bid last year that the company rejected.
Moyes founded Swift (NASDAQ:SWFT - News) more than 40 years ago with his father and brother. His buying group, which includes family members, also will assume $332 million in debt.
Pending shareholder approval, the deal is expected to close in the spring.
Stock price is up by a few dollars since the announcement, trading just over $30 per share Monday compared with Friday's close of $27.74.
Published January 22, 2007 by The Business Journal
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