Swift shareholders OK Moyes buyout

| 4/30/2007

The man who helped start Swift Transportation 41 years ago is poised to take over the company once again.

According to Bloomberg, shareholders for the Phoenix-based company approved on Friday a $2.74-billion buyout offer from Jerry Moyes.

Moyes was the chief executive of Swift until 2005, when he left amid federal allegations of insider trading. Moyes never admitted to any wrongdoing, but did pay more than $1 million to the Securities and Exchange Commission to settle the case.

The buyout is expected to be completed within a few weeks, according to a Swift press release.