Ryder System, Inc., a provider of supply chain, dedicated transportation and fleet management solutions, confirmed it has received an unsolicited indication of interest from HG Vora Capital Management, LLC to acquire all of the outstanding shares of Ryder not currently owned by HG Vora for $86.00 per share in cash.

In a filing with the Securities and Exchange Commission, HG Vora states it currently owns 9.9 percent of Ryder's common shares. The purchase price of $86 per share paid in cash at closing represents a 24.8 percent premium to Ryder's trailing 30-day volume weighted average price and a 20.3 percent premium on the company's closing stock price as of the Ryder common stock on May 12.

Consistent with its fiduciary duties and in consultation with its financial and legal advisors, the Ryder Board of Directors will carefully review and evaluate the indication of interest to determine the course of action that it believes is in the best interest of the company and its shareholders.

Morgan Stanley & Co. is acting as financial advisor and Wachtell, Lipton, Rosen & Katz is acting as legal advisor to Ryder.