Reuters) - U.S. logistics firm Panther Expedited Services Inc is trying to sell itself, three months after scrapping its IPO plans, two people familiar with the matter told Reuters.
XPO Logistics (XPO.A) and several private equity firms are eyeing Panther, one of the sources said.
XPO Logistics has been looking to make acquisitions since it received a $150 million investment from Brad Jacobs and his private equity firm in June 2011.
Jacobs plans to transform the company into a $4-$5 billion business in a few years, mostly through acquisitions.
I have had my differences with Peter, mostly political which provides no winners except the politicians themselves. However, Peter is pretty spot on with financial analysis and general monitoring of the boards. Further, I have to commend the newest post technique - use hyperlink versus those annoying little quotes - good move.
But Peter seems right about Manuel. Very few people know this much about a company's (Panther's) activities: obsessed employees, engaged consultants, investigators, or busy body envious stalkers. I bet Manuek is an obsessed employee. Anyone else have a theory?
Like I suggested earlier - Jacobs and his team are meticulous and cautious. They aren't going to allow a message board to expose a deal an subject the team to scrutiny. They, and especially he, have too much to lose.
Panther is probably about bankrupt, like Fenway and bankers are coming in to evaluate and market the carcass.
I like this sector and see it as ripe for consolidation. Tell you what Pete I see your profile has you as a proctologist so if you dig through the code below you will find the answer you seek.
Hello Manny, welcome back. You seem rather focused and tuned into Panther's business. Especially considering that the only other post you made on this board was 15 months ago and strictly concerned the outlook of... Panther.
And that was well before the recent rumor that connected XPO to Panther. Very interesting. What are the odds? :)
Panther and Reuters Reuters doesn’t speculate, they have informed sources that compile data and information.
I believe Panther is in due diligence and this can be verified by observing the comings and goings at their headquarters in Seville OH, number of “suits”/public accounting types and investment banking advisors and late night dinners being delivered plus the senior executive cars in the parking lot way past “normal” hours.
Look for all of the office lights on where I/T and accounting reside. Follow the rental cars (you can identify by the upc code in the back windows) when they return to the hotel and airport to see who the DD folks are and if in the hotel bar have a drink nearby to hear the chatter about the deal.
Fenway the PE owners have been trying to go public for some time so they may be very eager to do a deal and get out.
The answer is there, you must look.
Chicken, I am sure you are correct, with all your years of experience on the matter and SEC expertise.
I am not interested in divulging my sources, btu this one has been leaked too much and too broadly to actually occur without disclosures. At least that's my opinion.
I suspect there is one pending in a different region of the country and within the freight brokerage industry (their stated focus), and this just gives a good smoke screen.
Besides, Panther is a dog and has been cliding downhill since the founders sold to Fenway and the brains retired to Florida.
Don't shoot the messenger. You don't like it but it's the law. They are not responsible for unsubstantiated rumors, and there is not one credible place anywhere in which it is even suggested that they are in negotiation. If there were, you would have cited it.