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Jerry Moyes is definitely persistent. Over the past month or so, he has been pursuing the buyout of Swift Transportation Co., Inc. (NASDAQ: SWFT), a major trucking company. Then again, back in the mid 1960s, he founded Swift (yes, he started with only one truck).
His initial bid was $29, but it was simply not enough for the company to accept. So, he upped the bid to $31.55, which was enough. In all, the deal comes to about $2.74 billion.
Interestingly enough, back in late 2005, things did not look so good for Moyes. He had to leave the company because of a $1.25 million settlement with the Securities and Exchange Commission over insider trading allegations.
But, given his current stake in Swift of roughly 26% and the willingness of Morgan Stanley (NYSE:MS) to arrange financing, Moyes now will have his company back.
Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.
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