SAN DIEGO and ANN ARBOR,
Mich., Sept. 10, 2015
/PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo
LLP are investigating the proposed acquisition of Con-Way Inc.
(NYSE: CNW) by XPO Logistics, Inc. (NYSE: XPO). On
September 9, 2015, the two companies
announced the signing of a definitive merger agreement pursuant to
which XPO will acquire Con-Way. Under the terms of the
agreement, Con-Way shareholders will receive $47.60 in cash for each share of Con-Way common
stock.
Is the Proposed Acquisition Best for Con-Way and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Con-Way is undertaking a fair process to obtain
maximum value and adequately compensate its shareholders.
As an initial matter, the $47.60
merger consideration represents a premium of only 34% based on
Con-Way's closing price on September
9, 2015. This premium is significantly below the
average one-day premium of nearly 41% for comparable transactions
within the past three years. Further, the $47.60 merger consideration is significantly
below the target price of $59.00 set
by an analyst at Thompson, Davis
& Company on September 16, 2013;
the target price of $50.00 set by an
analyst at Buckingham Research Group on July
13, 2015; and the target price of $49.00 set by an analyst at Macquarie on
July 8, 2015. In the last three
years, Con-Way traded as high as $53.54 on September 15,
2014, and most recently traded above the merger
consideration – at $49.36 – on
January 5, 2015.
Con-Way shareholders have the option to file a class action
lawsuit to ensure the board of directors obtains the best possible
price for shareholders and the disclosure of material
information. Con-Way shareholders interested in information
about their rights and potential remedies can contact attorney
Darnell R. Donahue at (800) 350-6003
or ddonahue@robbinsarroyo.com.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law
firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1
billion of value for themselves and the companies in which
they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP