MIAMI — Ryder System Inc. confirmed Friday, May 13, that it has received an unsolicited indication of interest from HG Vora Capital Management LLC to acquire all of the outstanding shares of Ryder not currently owned by HG Vora for $86 per share in cash.
The HG Vora Capital Management is a private equity firm and an SEC-registered investment adviser focused on value and event driven investments.
The New York Stock Exchange opened Friday morning with Ryder valued at $72.31 per share and dropping to $71.81 just before the news about the potential acquisition was released. As of the time of this writing, Ryder shares had hit a high of $85.50.
Consistent with its fiduciary duties and in consultation with its financial and legal advisors, the Ryder board of directors will carefully review and evaluate the indication of interest to determine the course of action that it believes is in the best interest of the company and its shareholders, according to a statement from Ryder.
According to HG Vora Capital Management’s LinkedIn page, “The team conducts deep fundamental analysis and leverages its industry knowledge in complex situations to opportunistically invest long and short across the capital structure. The Firm manages capital for institutional investors such as endowments, foundations, sovereign wealth funds, pension plans, family offices and fund of funds.”
HG Vora Capital Management was founded in 2009 by Parag Vora.
Ryder was founded in Miami in 1933 by James Ryder as a concrete hauling company with one truck. In 1955 Ryder System Inc. was formed to combine Great Southern Trucking Company and Ryder Truck Rental. Ryder System went public in 1955.
Today, Ryder provides supply chain, dedicated transportation and fleet management solutions, including full-service leasing, rental and maintenance, used vehicle sales, professional drivers, transportation services, freight brokerage, warehousing and distribution, e-commerce fulfillmentm and last mile delivery services.
Ryder provides services throughout the United States, Mexico, Canada and the United Kingdom. In addition, Ryder manages nearly 239,000 commercial vehicles and operates more than 330 warehouses, encompassing more than 80 million square feet.
Morgan Stanley & Co. is acting as financial advisor and Wachtell, Lipton, Rosen & Katz is acting as legal advisor to Ryder.
The Trucker News Staff produces engaging content for not only TheTrucker.com, but also The Trucker Newspaper, which has been serving the trucking industry for more than 30 years. With a focus on drivers, the Trucker News Staff aims to provide relevant, objective content pertaining to the trucking segment of the transportation industry. The Trucker News Staff is based in Little Rock, Arkansas.
