XPO Logistics Aborts Plans to Sell Businesses Amid the Coronavirus Pandemic
Back in January, XPO Logistics' (NYSE: XPO) announced plans to sell some of its business units. That took the market by surprise, as the shipping and logistics giant has always been known for its prowess in acquiring businesses, not so much selling them. On March 20, XPO Logistics called off its plans amid the COVID-19 pandemic.
XPO filed a simple one-liner statement Form 8-K with the Securities and Exchange Commission, stating:
"On January 15, 2020, XPO Logistics, Inc. ("XPO") announced that its board of directors had authorized a review of strategic alternatives, including the possible sale or spin-off of one or more of XPO's business units. In light of current market conditions, XPO has terminated the strategic review process."
Source Fool.com
