Lawsuit for Investors in NYSE:SWFT Against Takeover of Swift Transportation Co Filed

A lawsuit was filed for investors in shares of Swift Transportation Co (NYSE:SWFT) in connection with the proposed takeover and NYSE:SWFT stockholders should contact the Shareholders Foundation.

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San Diego, CA -- (SBWire) -- 06/09/2017 --The Shareholders Foundation announces that an investor, who currently holds shares of Swift Transportation Co (NYSE:SWFT), filed a lawsuit in effort to halt the proposed takeover of Swift Transportation Co. by Knight Transportation, Inc for a value of approximately $22.07 per NYSE:SWFT share.

Investors who purchased shares of Swift Transportation Co (NYSE:SWFT) and currently hold any of those NYSE:SWFT shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:SWFT stockholders by agreeing to sell Swift Transportation Co cheaply via an unfair process to Knight Transportation, Inc.

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, plaintiff claims that the proposed consideration NYSE:SWFT shareholders will receive is grossly inadequate and undervalues Swift Transportation Co. Indeed, at least one analyst has set the high target price for NYSE:SWFT shares at $30.00 per share and NYSE:SWFT shares traded in the open market at high as $25.82 per share in December 2016.

In addition, the plaintiff alleges that the process is also unfair NYSE:SWFT stockholders. Indeed, 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 already agreed to vote their shares in favor of the transaction.

On June 8, 2017, shares of Swift Transportation Co (NYSE:SWFT) closed at $24.90 per share.

Those who are current investors in Swift Transportation Co shares have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

Media Relations Contact

Michael Daniels
General Manager
Shareholders Foundation
858-779-1554
http://www.ShareholdersFoundation.com

View this press release online at: http://rwire.com/818208