What to Do With Swift

Article Excerpt

SWIFT TRANSPORTATION CO. $28.28 (Nasdaq symbol SWFT; SI Rating: Extra risk) (602-269-9700; www.swifttrans.com; Shares outstanding: 74.9 million; Market cap: $2.1 billion) has rejected the $29 a share buyout offer from its former chief executive, Jerry Moyes. He founded the company in 1966, and is the company’s largest shareholder, with a 39% interest. However, Moyes stated in his initial offer that he might be willing to offer more than $29 a share. Swift plans to enter discussions with Moyes to determine if his offer can be increased. Swift has also has begun talks with other unspecified potential buyers. We’ll say more as the takeover unfolds, but for now, Swift is still a hold. hold…

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