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.

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