Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:
Seeking Revenge? Moyes Extends Offer for Swift [Wall Street Journal]
Summary: In a buyout offer that may be more about ego than economics, former Swift Transportation Co. Chairman and CEO is trying to retake the company. According to Donald Broughton, an analyst at A.G. Edwards & Sons Inc. in St. Louis, "If Mr. Moyes is successful, he will be able to fire the people who fired him." With funding of nearly $3 billion from Morgan Stanley, Moyes has offered a 21% premium over current share price with the possibility of increasing his offer een further should the board reject it in its current state. Moyes had been ousted from the company he lead for 21 years in the midst of an options scandal last year.
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Potentially impacted stocks and ETFs: Swift Transportation Co. (SWFT) • Competitors: J.B. Hunt Transport Services (NASDAQ:JBHT), Landstar System (NASDAQ:LSTR), Werner Enterprises, Inc. (NASDAQ:WERN).
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