Jerry Moyes, founder and former head of Phoenix-based truckload carrier Swift Transportation, is changing a nearly completed deal to buy Waco, TX-based regional LTL Central Freight Lines via Moyes’ North American Truck Lines and Green Acquisition Company entities.
Under an amendment to the original purchase agreement, Moyes now plans to become a full owner of Central, with Central ceasing to be a publicly traded company.
Central said this would waive the need for Moyes to obtain financing to close the merger and also clarifies that there would be no pending litigation against Central that must be settled prior to closing the merger, other than current class action and derivate litigation for which agreements in principle to settle are being hammered out.
“We believe that the elimination of the financing condition and the achievement of agreements in principle to settle litigation were important advancements toward completing the merger,” said Bob Fasso, Central’s president & CEO.
Fasso added that this new alteration doesn’t affect the purchase price, with all Central shareholders, other than Moyes and several other parties, receiving cash in an amount equal to $2.25 per share.