Moyes Extends Another Offer for Simon Transportation
June 26, 2000
Jerry Moyes has issued another tender offer for all outstanding shares of Simon Transportation, a Salt Lake City, Utah-based truckload carrier, at $7 per share.
The offer will expire at 5 p.m. Eastern time this Friday.
Moyes, chief executive officer of Swift Transportation, Phoenix, Ariz., has already obtained approximately 1.3 million of Simon shares as part of the ongoing solicitation.
"I am pleased by the response to my offer to date," said Moyes. "The Simon Board and I are discussing a procedure for allowing me due diligence access to information concerning the company and other matters relating to my tender offer and consent solicitation. I expect a resolution of these discussions soon."
Richard D. Simon, along with the rest of the family members that sit on Simon’s board of directors, have said they will not sell any of their shares to the Moyes group at the offered price, valued at an estimated $39 million. In a recent letter to stockholders, the board expressed concern with the offer, saying that Moyes is attempting to take control of Simon without suitably compensating the shareholders.