Comment / On the wires: XPO Logistics – a smart (cash) call

“XPO Logistics (…) plans to make a registered underwritten offering of 5 million shares of its common stock consisting of an equal number of shares to be offered by XPO and by Jacobs Private Equity, LLC, the selling stockholder and an affiliate of Brad Jacobs (…)” – XPO Logistics, 28 June 2021.

And today at the speed of light came the formal announcement confirming that its core shareholder and the firm had sold the five million shares at $138, before underwriting ...