XPO Extends Tender Offer for Shares of Con-way

XPO Logistics Inc. announced its tender offer for shares of Con-way Inc. has been extended until Oct. 30, in conjunction with the $3 billion acquisition agreement between the companies.

XPO, based in Greenwich, Connecticut, made the disclosure in a Securities and Exchange Commission filing. The terms of the agreement announced Sept. 9 allow for more extensions if the companies agree on that step.

A total of 70% of Con-way shares have been tendered, based on regulatory filings. While the offer has been extended, the terms of paying $47.60 per share for the stock of the company that ranks No. 4 on the Transport Topics list of the largest U.S. and Canadian for-hire carriers remain unchanged.

Besides adding Menlo Logistics, the Con-way acquisition diversifies XPO in the United States into a substantial asset owner, since Con-way operates the third-largest less-than-truckload carrier. Coupled with XPO’s purchase of French logistics company Norbert Dentressangle, the two acquisitions put XPO on pace to become No. 3 in the for-hire TT100 with nearly $15 billion in annual revenue.

XPO, which is No. 12 on TT’s Logistics 50, also disclosed that regulatory clearances have been received in Mexico and other countries.