Some shareholders oppose sale of Swift to former CEO Moyes

| 11/21/2006

Two different groups are opposing the sale of Swift Transportation to its founder and largest stockholder, Jerry Moyes.

According to the Phoenix Business Journal, two separate lawsuits filed by Swift shareholders contend the $29-dollar-a-share offered by Moyes is too low.

The Teamsters – which owns shares in the company – also opposes a sale, saying Moyes’ bid is too low and questioning whether his influence is in the best interest of the company.

Last year, Moyes stepped down as Swift’s president and CEO after a federal lawsuit was filed over his stock transactions. On Nov. 6, he sent a letter to Swift executives notifying them of his intent to buy the company and take it private.