Why C.H Robinson Stock Was Tumbling Today
Investors balked at its acquisition of RXO.
Overview
Shares of C.H. Robinson (NASDAQ:CHRW) were taking a dive today after North America's largest freight brokerage said it would acquire RXO (NYSE:RXO) in a stock-and-cash transaction for $5.8 billion, including debt.
However, investors gave the deal a clear thumbs-down, showing they either thought Robinson was overpaying for RXO or they didn't like the acquisition at any price.
Details
As of 1:37 p.m. ET, C.H. Robinson stock was down 12.7% on the news, while RXO had gained 21.9%.
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.