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Trucking Giant Ryder Target Of Takeover By Private Equity Firm

Shares of Ryder System soared after the transportation and logistics company, best known for its fleet of commercial rental trucks, emerged as the target of a takeover attempt by a private equity company.

HG Vora Capital Management, headquartered in New York City, filed a 13-D form with the Securities and Exchange Commission Friday morning that said it was proposing to acquire all the shares of Ryder at a price of $86 per share. According to the filing, that represents a 24.8% premium to the 30-day trailing average of the stock and a 20.3% premium to the closing price of Ryder on Thursday.

Ryder’s shares surged on the news. Ryder stock jumped $12.50 per share to $84, an increase of 17.50%, slightly less than the HG Vora Capital offering price.

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