Ryder System is the object of an acquisition by a private investment company.
HG Vora Capital Management, headquartered in New York, filed a 13-D form with the Securities and Exchange Commission, in which it said it was offering to buy all of Ryder’s shares. (NYSE: R) at a price of $ 86 per share. According to the statement, this is a 24.8% surcharge to the 30-day stock average and 20.3% to Ryder’s closing price on Thursday.
On this news, Ryder shares rose. Ryder’s stock price just before 11:30 a.m. on Friday rose $ 13.32 per share to $ 84.80, up 18.63%. This is slightly less than the amount offered by HG Vora Capital.
Ryder’s market capitalization is approximately $ 3.65 billion.
In a statement, Vora Capital said it believes Ryder’s shares are undervalued. Before rising on Friday, Ryder shares fell to $ 71.48 per share from a November high of $ 87.08.