Swift Transportation Co (NYSE:SWFT) Investor Investigation Over Possible Breaches Of Fiduciary Duties In Acquisition Announced

If you purchased shares of Swift Transportation Co (NYSE:SWFT) and currently hold any of those NYSE:SWFT shares, you have certain options and you should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Swift Transportation
Affected Securities: 

April 19, 2017 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Swift Transportation Co (NYSE:SWFT), was announced concerning whether the takeover of Swift Transportation Co. by Knight Transportation, Inc for a value of approximately $22.07 per NYSE:SWFT share is unfair to NYSE:SWFT stockholders.

The investigation by a law firm concerns whether certain officers and directors of Swift Transportation Co breached their fiduciary duties owed to NYSE:SWFT investors in connection with the proposed acquisition.

On April 10, 2017, Knight Transportation, Inc. (NYSE:KNX) and Swift Transportation Co (NYSE:SWFT) announced that their boards of directors have approved a merger of Knight and Swift Transportation Co (NYSE:SWFT) in an all-stock transaction that will create the industry's largest full truckload company. Under the terms of the definitive agreement each Swift Transportation Co (NYSE:SWFT) share will convert into 0.72 shares of Knight-Swift by means of a reverse stock split. Each share of Knight Transportation, Inc will be exchanged for one Knight-Swift share. Based on the $30.65 closing price of Knight Transportation, Inc shares on April 7, 2017, the last trading day prior to the announcement, the implied value per share of Swift Transportation Co (NYSE:SWFT) is $22.07.

However, given that at least one analyst has set the high target price for NYSE:SWFT shares at $30.00 per share and given that NYSE:SWFT shares traded in the open market at high as $25.82 per share in December 2016, the investigation concerns whether the offer is unfair to NYSE:SWFT stockholders. In addition, the Jerry Moyes family, which holds approximately 56 percent of the Swift Transportation Co (NYSE:SWFT) voting power, and Kevin Knight and Gary Knight, who hold approximately 10 percent of the Knight voting power, have agreed already to vote their shares in favor of the transaction, the investigation concerns whether the Swift Transportation Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.