Swift Transportation ( SWFT), the third-largest U.S. trucking company, has agreed to be taken private by its founder and leading shareholder.

Jerry Moyes, who started the company in 1966, is leading a group that plans to pay $31.55 in cash for each outstanding share of Swift stock and assume about $332 million of net debt, giving the buyout a total value of about $2.74 billion.

The offer price is about 14% above Swift shares┬┐ Friday closing price of $27.74.

"We believe the all-cash $31.55 per share price represents a fair value for the company and is in the best interest of all shareholders," said Jock Patton, Swift's chaiman, in a press release announcing the deal late Friday.

Moyes originally offered to take the company private in November for $29.00 a share, but the company's board dismissed the offer as inadequate.

The deal is subject to regulatory review.

If you liked this article you might like

Spain to Play Netherlands for World Cup

Spain to Play Netherlands for World Cup

Wal-Mart: Analysts' Upgrades, Downgrades

Wal-Mart: Analysts' Upgrades, Downgrades

Netherlands Advances to World Cup Final

Netherlands Advances to World Cup Final

Apple: Analysts' Upgrades, Downgrades

Apple: Analysts' Upgrades, Downgrades

World Markets Mostly Lower Monday

World Markets Mostly Lower Monday