The Ryder System board of directors recently declined a takeover offer from HG Vora at $86 per share but left the door open for further negotiations. HG Vora acquired 10 percent of Ryder before making the buyout bid.
“I spoke to Mr. Vora late (Thursday), and I informed that the Board had reviewed his letter and had determined that the price indicated in his letter was not indicative of the value of our company,” Ryder CEO Robert Sanchez reportedly said. “So, our Board remains committed to maximizing shareholder value and believes that the plan that we have going forward would result in a much higher value for our shareholders.”
Although Sanchez did not necessarily indicate that HG Vora would make a counter-offer, he did go on the record stating, “we’re going to continue to have dialogue with them as a shareholder.” He also noted that Ryder anticipates its value will far exceed the $4.4 billion offer having made significant investments in customer experience enhancing technologies.
Schneider Buys Acquires Portions of deBoer Transportation
Although the lump sum payment and terms of the deal were not initially disclosed, Schneider is expected to add upwards of 160 tractors and 660 trailers to its assets. Headquartered in Blenker, Wisconsin, deBoer Transportation is not reportedly including its home base, or its Dallas, Texas, maintenance facility in the deal.
“This was an opportunistic acquisition – a Wisconsin-based company with attractive qualities whose owners were looking to exit,” Schneider Senior Financial Analyst Tyler VanderGaast reportedly said. “Our motivation was primarily to access their drivers and equipment, which we will be redeploying to more profitable opportunities within the enterprise such as Dedicated and Power Only.”
Saia Opens Terminal in Rockford, Illinois
Saia LTL Freight announced its second new facility since 2022 began. The niche operation largely focuses on direct shipping in the major freight landscapes in northern Illinois. The Rockford facility marks its second location west of Chicago.
“Our new Rockford facility will be our 179th terminal, supplementing the recent opening of our new location in La Salle, as well as our four other Illinois terminals,” Saia Vice President of Operations Jared Mull reportedly said. “Our customers continue to respond favorably to every new facility, which we believe is a testament to the high quality of service and reliability we provide.”
In the wake of several mass shootings, Saia also announced it would no longer transport firearms. Saia is headquartered in Johns Creek, Georgia.
Amazon Transport Architect Takes Post at Flexport
Dave Clark is widely considered a thought leader who created one of the world’s most effective manufacturer-to-last-mile delivery networks, and he recently resigned from Amazon. His position as co-CEO of Flexport reportedly starts Sept. 1, and founder Ryan Petersen is expected to hand him the solo reins after six months.
In a Twitter post, Clark indicated he will focus on solving Flexport’s supply chain challenges, noting the global network suffers “a significant fragmentation of technology and process.” Clark has been credited with inventing the e-commerce giant’s logistics capabilities after joining Amazon in 2001.
Sources: ccjdigital.com, businessinsider.com, freightwaves.com
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