Wall St. Sees CNF, Ryder as Takeover Targets
Are Ryder System and CNF Inc. takeover targets?
Edward M. Wolfe of Bear Stearns & Co. in New York said buyout rumors are driving up the price of Ryder’s stock, which rose 38% between March 8 and March 23.
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Some industry analysts think so, and have recently published comments about the possible breakup of the two companies, both of which have large logistics businesses that could attract potential suitors.
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GE Capital, which owns a large stake in rival Penske Truck Leasing Co. and United Parcel Service “are both looking seriously at buying out Ryder,” Wolfe said in a report for investors.
