There’s very big news for those that rent or lease equipment from Ryder System (NYSE: R); HG Vora Capital Management has filed a Form 13-D, the paperwork one must send to the Securities and Exchange Commission when they buy more than a 5% position in a publicly traded company. HG Vora has offered $4.4 billion to buy the company, or $86 per share for Ryder stock, which was a 20% premium on the May 12th closing price. Shares have risen since the news broke, nearly matching the offering after news of the filing hit the media.
Ryder has thousands of pieces of equipment out on the road. You can rent a truck and trailer if yours is in the shop. They also lease equipment to owner-operators and some lease operators. (I almost needed to use this option while my truck was waiting for parts.) The company also has dedicated shops under its banner that maintain the equipment they provide. John Kingston over on FreightWaves.com dropped the breaking news and we are in full blitz mode following the action.