Shares of Ryder System Inc. ran up 17.4% in afternoon trading Friday, putting them on track for the biggest one-day gain in 47 years, after the truck rental company confirmed that it received an unsolicited buyout bid from HG Vora Capital Management. The company said it will "carefully review and evaluate the indication of interest" to determine what was in the best interest of its shareholders. Earlier Friday, the company disclosed in a 13D filing that HG Vora had acquired a 9.9% stake in Ryder, enough to make HG Vora the largest actively managed shareholder of the company. In addition, HG Vora said in a letter to HG Vora's board that it proposed to buy all of the outstanding shares of Ryder that it didn't yet own for $86.00 a share, which represented a 20.3% premium to Thursday's closing price of $71.48, and implied a market capitalization for Ryder of about $4.40 billion. The stock was headed for the biggest one-day gain since it soared 28.1% on Jan. 24, 1975. It has still lost 1.1% over the past 12 months, while the S&P 500 has lost 2.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
>>> Read the full story at MarketWatch.com - MarketPulse
