XPO Logistics’ drama ends up a $1bn buyback announcement?

December 14, 2018 Alessandro Pasetti

That was quick: less than 24 hours after New York-based  Spruce Point Capital issued a bearish research note – according to which XPO Logistics, under a worst-case scenario, could have a “terminal price target of zero” – the company led by chief executive Brad Jacobs announced it would buy back up to $1bn of its own stock. That equates to 17.7% of its market cap based on Thursday’s close, when the shares ...

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