A lawsuit was filed for investors in shares of Con-way Inc (NYSE:CNW) in connection with the proposed takeover was announced and NYSE:CNW stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/30/2015 -- A shareholder in NYSE:CNW shares filed a lawsuit against the takeover of Con-way Inc by XPO Logistics, Inc for $447.60 per share.
Investors who purchased shares of Con-way Inc (NYSE:CNW) and currently hold any of those NYSE:CNW shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call 858-779-1554.
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.
On October 29, 2015, NYSE:CNW shares closed at $47.55 per share.
Those who are current shareholders in Con-way Inc (NYSE:CNW) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego