Ryder shares break on takeover bid (NYSE: R)

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Shares of Ryder System Inc. (NYSE:R + 17.1%) roared higher on Friday as a The 13-D filing reflects the company’s takeover bid.

The documentation notes the proposed purchase price of $ 86 per share, made by HG Vora Capital Management, the company’s major shareholder. The proposed offer represents a 24.8% premium to the 30-day weighted average share price, according to the submission. The premium assumes a purchase price of about $ 4.4 billion.

HG Vora envisages financing the money transaction only with capital provided by managed funds. Prior to Friday’s bid for the company, the New York-based asset manager held Ryder 5.05 million (R) shares representing 9.9% share in the company.

The document also notes “swap agreements settled in cash with unrelated third-party financial institutions, which mention 450,000 ordinary shares.”

“Together with our financial partners, we are ready to allocate the resources needed to complete the transaction and … we are very confident that we can complete our due diligence within 60 days,” wrote Parag Vora, CEO of HG Vora. .

Shares jumped more than 17% shortly after the document was filed, approaching the proposed takeover price.

“We were surprised to see the offer and currently do not expect competitive offers from a strategic buyer,” Stifel said in a quick response to the news.

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