Moyes: Hot on Simon's Heels
August 04, 2000
Swift Transportation President Jerry Moyes is still trying to get a bigger stake of Simon Transportation.
Moyes announced that he, along with a group of investors, is buying additional shares of Simon Transportation Services held by company management.
The Moyes group currently has a 30.6% stake in the Salt Lake City-based truckload carrier, nearly triple the stake Moyes owned in mid-June. Moyes informed Simon’s management that the group bought 939,848 of the company's Class A common shares, which were priced between $5.06 and $7.08 each, according to Newstraders.
Moyes rescinded an offer in late June to acquire all of Simon’s shares for $7 each, and at the same time withdrew a consent solicitation, which was an attempt to elect his nominees as a majority of the Simon board of directors.
The group doesn’t have any ownership plans for Simon, but intends to increase its stake in the company and says they acquired the shares for investment purposes.