Redemption Norbert Dentressangle: XPO denounces a “ploy” d … – Boursier.com

(Boursier.com) – The standoff has hardened between Elliott Capital Advisors and XPO Logistics on the sidelines of the friendly takeover offer XPO Norbert Dentressangle , which ends tonight. The investment fund, which is mounted with its affiliates to 9.06% stake in the French group has taken legal action in turn. There are some days XPO had obtained the Paris Commercial Court an injunction prohibiting Elliott to transfer shares Norbert Dentressangle time that the matter be discussed in chambers on 23 July. XPO criticizes the funds to have breached its disclosure obligations when mounted to the capital of the French carrier. The outcome of the debate should not fundamentally change the situation, since XPO has already acquired the control block, but it could drag out the operation in length.

Gel integration of operations

And even to decide the case by justice, Elliott has also decided to apply to the Paris Commercial Court and obtain an order. It was issued on 16 July and requires XPO and Norbert Dentressangle to appear at the hearing for interim relief of 23 July at 17:00. From that side, although nothing innovative. However, he was also granted the request of Elliott called for the suspension of all operations planned integration with Norbert Dentressangle, pending the outcome of the interim order hearing. This lawsuit is a ploy to divert attention from the wrongful conduct of Elliott , reacted to the US carrier Boursier.com, recalling with Norbert Dentressangle, they always acted transparently and in compliance with regulations, instead of Elliott .

Elliott blocks the deregistration

Meanwhile, the Fund reiterates its intention not to tender to the offer it considers undervalued, and suggests that Norbert Dentressangle’s shareholders stand to gain from maintaining the listing. For if Elliott is engaged in a pass legal weapons, it does not dispute the quality and XPO Norbert Dentressangle and the potential for value creation in the context of the merger. To achieve this value, it is essential that the best corporate governance practices are followed and ND, as an independent entity, is fully respected , said the fund, which promises to s ensure that members of the Management Board and the Supervisory Board continue to act at all times in the best interest of the company and its shareholders .

  Anthony Bondain – © 2015 Boursier.com