Agreed takeover by XPO Logistics
Norbert Dentressangle (PARIS:GNDP) announced that the supervisory board has unanimously approved entry into a tender support agreement for XPO Logistics to acquire a majority interest in Norbert Dentressangle and to launch a tender offer for the remaining shares. The transaction is valued at €3.24bn (US$3.53bn) at an agreed price of €217.50 per share, a 34% premium to the closing price at 27 April 2015, excluding a €1.80 dividend due to be paid before closing, which is anticipated in Q2. A binding agreement has been received from Mr Norbert Dentressangle and his family for their entire 67% stake in the company and XPO will launch an all-cash tender offer for the remaining shares on antitrust clearances in the US and Germany.
The combination of XPO Logistics Inc (NYSE:XPO) and Norbert Dentressangle will create a top 10 worldwide logistics company with the complementary offerings and geographies enabling widespread cross-selling to an established base of multinational companies. The transaction equates to an aggregate consideration of 9.1x consensus 2015 EBITDA and is not conditional on financing.
Hervé Montjotin, chairman of the executive board and CEO of Norbert Dentressangle, will serve as CEO of XPO’s European operations and a president of the parent company. XPO intends not to reduce the total number of full-time employees in France for a period of at least 18 months from closing and to maintain the European headquarters in Lyon.
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