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Con-way Inc (NYSE:CNW) Investor Filed Lawsuit Over Alleged Wrongdoing In Acquisition By XPO Logistics, Inc

  • If you purchased shares of Con-way Inc (NYSE:CNW) and currently hold any of those NYSE:CNW shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Con-way Inc
Security
NYSE: CNW

Case Name
Con-way Deal Case 10/09/2015
Type of Lawsuit
NULL
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Summary

October 09, 2015 (Shareholders Foundation) - An investor who currently holds shares of Con-way Inc (NYSE:CNW), filed a lawsuit in effort to halt the proposed takeover of Con-way Inc by XPO Logistics, Inc for $447.60 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:CNW stockholders by agreeing to sell Con-way Inc. too cheaply via an unfair process to XPO Logistics, Inc.

On September 9, 2015, XPO Logistics, Inc. (NYSE: XPO) and Con-way Inc (NYSE:CNW) announced that they have entered into an agreement for XPO Logistics to acquire Con-way. Under the terms of the agreement, XPO Logistics, Inc will launch a tender offer for all of Con-way's outstanding shares at a cash price of $47.60 per share.

However, the plaintiff claims that the proposed consideration NYSE:CNW shareholders will receive is grossly inadequate and undervalues Con-way Inc.

Indeed, at least one analyst has set the high target price for NYSE:CNW shares at $59.00 per share and NYSE:CNW shares traded in September 2014 as high as $53.33 per share. Furthermore, Con-way Inc reported that its annual Total Revenue rose from over $5.47 billion in 2013 to over $5.8 billion in 2014 and that its respective Net Income increased from $99.15 million to $137.04 million. Shares of Con-way Inc (NYSE:CNW) reached as high as $53.33 per share in September 2014. In addition, the plaintiff claims that the process is also unfair to NYSE:CNW stockholders.