Online:
Visits:
Stories:
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Swift and Knight driven higher as trucking giants reveal merger plans

Monday, April 10, 2017 7:01
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Shares in Swift Transportation Co (NYSE:SWFT) and Knight Transportation (NYSE:KNX) were both driven higher in pre-market trading on Monday as the two trucking giants unveiled plans to merge.

The all-stock transaction will combine two of the biggest trucking operators in the US, creating a US$5bn company in the process.

Under the terms of the deal, each Swift share will convert into 0.72 shares of Night-Swift through a reverse stock split. Each Knight share will be exchanged for one Knight-Swift share.

The deal values each Swift share at US$22.07 – a 10% premium to last week’s closing price.

Assuming the deal go through as planned, Swift shareholders will own around 54% of the combined company, with Knight stockholders holding the remaining 46%.

Before today’s proposed merger, the previous biggest deal in the trucking industry was XPO Logistics Inc’s (NYSE:XPO) US$3bn acquisition of Con-way back in 2015.

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/176235/swift-and-knight-driven-higher-as-trucking-giants-reveal-merger-plans-176235.html

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.