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December 8, 1999 10:06 AM, EST

Simon Transportation Services’ board of directors has rejected a proposal from Jerry Moyes to acquire controlling interest in the company.

Moyes, chairman of Phoenix-based Swift Transportation and a private investor in several other trucking companies, offered to pay $6.80 a share for 3.6 million shares of the Salt Lake City-based refrigerated carrier. Moyes and his affiliates already own 687,650 shares, or 12.8%, of Simon’s 5.4 million shares outstanding.

Simon’s board said Moyes’ offer is inadequate and commissioned the investment banking firm of Morgan Keegan & Co. to review alternatives.

President Richard D. Simon the company has been making progress in reversing operating losses.

Simon stock closed at $5.875 a share on Dec. 7 and has ranged from a high of $7.50 a share to a low of $4 a share over the past year.