Actionable news
All posts from Actionable news
Actionable news in XPO: XPO LOGISTICS Inc,

XPO Logistics May Need to Settle With Billionaire Paul Singer to Unlock Value

XPO Logistics (XPO) may be unable to extract the cash it needs from its recently acquired French unit or get millions of dollars in tax breaks until it cuts a deal with Elliott Management, the hedge fund run by billionaire activist investor Paul Singer.

XPO made a $3.5 billion bid for French trucking and logistics company Norbert Dentressangle SA in April 2015, only to see Singer's fund begin to acquire a stake that eventually totaled 9% of the outstanding shares. Since then, Elliott has argued that XPO's bid undervalued the French company. Today, about 13% of Norbert's outstanding shares are held by Elliott and other minority investors with the goal of pushing for a higher price.

Because of Elliott's stake, Greenwich, Connecticut-based XPO so far hasn't managed to eliminate all of the company's minority shareholders...