Activist Fund(s) Incoming Elliott has offered more than the share offer price of EUR 217.50 per share. They have enough shares to keep Norbert listed in Europe but that is about all. Jacobs has been cherry picking XPO's Institutions and in my opinion can block Elliott's agenda,. It looks like any forced sale of XPO can be rejected. I would keep Norbert listed in Europe under the Norbert name with the few shares they have compared to XPO's much larger number of outstanding shares. All subsequent European acquisitions should go into the U.S. XPO stable. Let Norbert dwindle with their malignant funds. They have already changed brands they don't have to change names.
XPO has picked up the 67% shares owned by Norbert and probably more from the tender offer but it looks like XPO will be shy of the 95% ownership needed to force a delisting. all imo -Rion
XPO unconcerned by Elliott stake build in Norbert; can tap synergies – sources
16 June, 2015 - 5:06 pm UTCby Emiliano Mellino and Myriam Balezou
16 June 2015 – XPO Logistics [NYSE:XPO] is unconcerned by activist fund Elliott Capital Management’s stake build in takeover target Norbert Dentressangle [EPA:GND] since it can tap deal synergies even if the French company remains listed, said three sources close to the deal.
Attention is turning to how activist funds could try to disrupt the transaction after XPO announced on 11 June that it had completed its acquisition of 67% of Norbert from the company’s founding family. The purchase triggered a tender offer by XPO for the remaining shares.
Regulatory filings show hedge fund Elliott has built a 3.46% stake in the French logistics company. Elliott bought shares over the past weeks at the EUR 217.50 per share offer price and previous EUR 219.3 offer price with dividend, according to filings.
Hedge funds Davidson Kempner and Cheyne Capital have also acquired stakes of around 2% and 1.47% respectively, buying shares on the market above the offer price, according to filings.
One Norbert Dentressangle shareholder said he had been approached by one broker with offers to buy shares at prices up to EUR 217.70. He said that he would not sell for less than EUR 220 per share, while a second shareholder…
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https://www.dealreporter.com/info/2015/06/16/xpo-unconcerned-elliott-stake-build-norbert-can-tap-synergies-sources/
Norbert Dentressangle’s founder and his family divested their 67% share of the company to Greenwich, Conn.-based XPO Logistics Monday. In the coming days, XPO will launch a tender offer to acquire the remaining shares at 217.50 euros ($245.50) per share.