Jerry Moyes has had a lot of drama with Swift Transportation (NASDAQ:SWFT), a trucking company he founded in 1966, which is now the second largest in the U.S.

Last year, Moyes had to resign from his beloved company because of allegations of insider trading. Now that things have settled down, however, Moyes is back in the game and recently made a buyout offer -- of $29 per share -- for Swift.

Well, Swift disappointed Moyes once again as the board indicated that the offer was not sufficient. Of course, the board is doing its duty to get the best deal for shareholders, although board members may also realize that some, or all of them, may be fired if Moyes succeeds.

Swift is also talking to other potential buyers, yet, given the company's growth rate – and tough industry conditions – it may be hard to get a better deal. Besides, Moyes still owns 27.1% of Swift.

In other words, do not expect a bidding war to erupt.

Tom Taulli is the author of various books, including the Complete M&A Handbook and operates InvestorOffering.com.

With oil prices still fairly high and signs of a slowing economy, it does not seem likely for the second largest trucking company to be the target of a buyout.

And that's exactly what has happened to Swift Transportation Co. Inc. (NASDAQ: SWFT). There is now an offer for $29 per share. The offer came yesterday from Swift's former CEO, Jerry Moyes. He is also the company's largest shareholder.

Why is he no longer CEO, you might ask. Well, he had to pay a settlement regarding insider trading allegations (I guess he's a bit of a stock junkie). Interestingly enough, I guess he may be back in charge.

As is the case with any savvy negotiator, it looks like his initial volley is a low bid. After all, Swift's stock price surged $5.79 in yesterday's session to close $0.84 above the buyout price. In other words, investors are betting that the bid will be hiked.

Tom Taulli is the author of various books, including the Complete M&A Handbook and operates InvestorOffering.com.