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.