Swift Transportation (SWFT) rejected an unsolicited $29-a-share buyout bid from leading shareholder Jerry Moyes but said it would talk with Moyes and other possible financial and strategic buyers.
The Phoenix-based truckload carrier called Moyes' price, which represented a 5% premium to Friday's close, inadequate. The company said a special committee of three independent directors is being advised by Goldman Sachs.
"The company has made substantial operational improvements reflecting hard work and sacrifice by our nearly 22,000 dedicated employees, and we are optimistic about the company's prospects and the outlook for the future," said Chairman Jock Patton. "The board and management remain intently focused on executing our performance improvement initiatives, maintaining safe, world-class service for our growing customer base, and building value for shareholders."