Swift Transportation Co Inc has rejected a takeover offer from Jerry Moyes, the firm's leading shareholder and onetime chief executive.
The Phoenix AZ-based truckload carrier, which has refrigerated operations, termed the $29-per-share cash offer inadequate. A committee analyzing the $2.2 billion bid will keep seeking alternatives, including discussions with other potential buyers, and will attempt to convince Moyes to raise his bid.
Moyes had proposed to purchase Swift in early November. He said he might be persuaded to pay more than $29 a share depending on factors that could support a higher price.