WILMINGTON, Del.--(BUSINESS WIRE)--Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Con-way Inc. (NYSE:CNW) (“Con-way” or the “Company”) relating to the sale of the Company to XPO Logistics, Inc. (“XPO”). On September 9, 2015, the two companies announced the signing of a definitive merger agreement pursuant to which XPO will acquire Con-way in a merger via a tender offer. As a result of the merger, Con-way shareholders are only anticipated to receive $47.60 per share in cash in exchange for each share of Con-way.
Our investigation so far has revealed that the consideration Con-way shareholders are expected to receive is significantly inadequate. Tellingly, Con-way’s stock has already recently traded above the $47.60 consideration, closing at $47.63 per share on September 17, 2015. While the Company claims that shareholders will receive a “premium” for their shares, in reality this premium is below the average 41% one-day premium in comparable mergers in the past three (3) years. The $47.60 consideration is also significantly lower than the $59.00 price target set by Thompson Davis & Company and a $50.00 price target set by Buckingham Research Group.
Andrews & Springer is investigating whether the Con-way Board of Directors is breaching their fiduciary duties to shareholders and whether Con-way’s directors have failed to maximize shareholder value.
If you own shares of Con-way and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/con-way-class-action-investigation or contact Craig J. Springer, Esq. at firstname.lastname@example.org, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.