Ryder confirms takeover bid

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Updated May 17, 2022

Ryder System, Inc. (CCJ Top 250, No. 14) has confirmed that it has received an unsolicited indication of interest from HG Vora Capital Management, LLC to acquire all of the outstanding shares of Ryder not currently owned by HG Vora for $86 per share in cash.

"Consistent with its fiduciary duties and in consultation with its financial and legal advisors, the Ryder Board of Directors will carefully review and evaluate the indication of interest to determine the course of action that it believes is in the best interest of the Company and its shareholders," the company said via statement. 

HG Vora already owns a roughly 10% stake in Ryder, and the $4.4 billion offer on the table would take the company private.

Ryder's stock had been trading around $72 per share Friday until news of the offer broke, which jumped the price to a range of around $84 per share and remained there through Monday. Ryder's stock has traded as high as $93 per share within the past year. 

Ryder has been in an aggressive mode of expansion, having opened its third multi-client omnichannel distribution center in Columbus, Ohio, (its 22nd multiclient and dedicated e-commerce facility in the U.S.) and acquiring Whiplash, a provider of omnichannel fulfillment and logistics services, or approximately $480 million in cash.

Ryder also this year partnered with insurtech company REIN to launch “Insurance Services by REIN,” to Ryder used vehicle sales customers, enabling the coverage provider to offer coverage directly to Ryder used vehicle customers at the point of truck purchase.

Jason Cannon has written about trucking and transportation for more than a decade and serves as Chief Editor of Commercial Carrier Journal. A Class A CDL holder, Jason is a graduate of the Porsche Sport Driving School, an honorary Duckmaster at The Peabody in Memphis, Tennessee, and a purple belt in Brazilian jiu jitsu. Reach him at [email protected].