Central Freight Lines has agreed to be acquired by Jerry Moyes in a deal that values the trucking company at $2.25 a share, the company announced Monday, Jan. 30.
Central, based in Waco, Texas, will be bought by a company controlled by Moyes. All Central stockholders, other than Moyes and certain Moyes family trusts, will receive the takeover price, which represents roughly a 24 percent premium over the Friday, Jan. 27 close. Moyes and his family trusts own about 31.5 percent of Central’s common shares. The stock has traded between $1.50 and $7.50 in the last year.
“This transaction represents an endorsement of our ongoing commitment to provide our customers with excellent value and service,” says Bob Fasso, president and chief executive officer of Central.
Moyes, who founded Phoenix-based Swift Transportation and had served as chairman and CEO since he began the company in 1966, stepped down from both positions in October.