Thompson Reuters News: Panther Expedited Services is for sale

davekc

Senior Moderator
Staff member
Fleet Owner
Three days before the buyout I brought my new Sprinter on with Con-Way NOW, and my paperwork on that hadn't really even filtered through Con-Way NOW at because they had left Panther specifically for Con-Way NOW, and they quickly left Panther again, much like the straight truck team mentioned earlier. One important customer in particular they had to court for a couple of years before they got them back. I would imagine that if another carrier buys Panther, the same thing will happen with several of their customers, too. The buyer may not lose as many drivers and trucks initially, or they may lose more, as Panther is very fleet owner oriented, so large numbers of trucks could stay, or bail, en masse. I'm sure incentives to stay on for owners, and maybe drivers, will accompany any sale, though.

I'm all for your last thought.
 

ATeam

Senior Member
Retired Expediter
Could be a bad sign for those hoping for compensation on the class action. It will be interesting to see what happens.

It could be good news too, could it not? If Panther is in play, pending litigation is something that would be looked at by any buyer. The desire to sell the company may increase the company's willingness to settle quickly to clear the books.
 

ATeam

Senior Member
Retired Expediter
Yes, we all know this one is coming, because of how Fenway has operated in the past. ... So that Panther was looking to IPO or is now looking to be sold isn't a surprise at all.

Thank you, Turtle for a great report on the Con-Way NOW sale. Regarding today's news about Fenway and Panther being no surprise, speak for yourself. It was a surprise to me.
 
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Bruno

Veteran Expediter
Fleet Owner
US Marines
Thank you, Turtle for a great report on the Con-Way NOW sale. Regarding today's news about Fenway and Panther being no surprise, speak for yourself. It was a surprise to me.

Phil, after reading this post and link I sent an e-mail to the man himself, Andy Clarke the President and CEO of Panther Expedited Service and his reply was.

Crazy rumors Dave. Thanks for sending.

Best...Andy
----------------------------
Andrew C. Clarke
President & CEO
Panther Expedited Services, Inc.
 

easyrider2697

Expert Expediter
Crazy rumors Dave. Thanks for sending.

Honestly..would you expect any different response?..if it is true, Andy certianly isnt going to go talking about it , I am sure there are clauses and reasons why he cannot..like maybe the fleet will freak out and jump ship, and if it is true, so be it..it will all work out like its supposed to ..
 

jelliott

Veteran Expediter
Motor Carrier Executive
US Army
Non-disclosure agreements forbid conversations in these cases. Especially when one company or both are publicly traded. Not sure it is a for real deal, but I guess ONLY time will tell. It would truly change the landscape of our industry a bit.
 

ATeam

Senior Member
Retired Expediter
What class action???

Mention was made in another thread about a case that had been filed against Panther on behalf of one or more drivers (contractors). That post has since been removed under the code of conduct rules that govern this forum. It was the new forum member's one and only post. She is an employee of the law firm.

I called the law firm that posted the info. They gave me the case name and number and told me where it was filed. They also promised to send me a copy of the complaint but I have received nothing. Busy with other things, I have not taken the next steps to verify that a complaint has in fact been filed.

All indications are that something is going on, but exactly what it is, how real it is, and the extent to which it means anything at all cannot be known until more information surfaces or is unearthed.
 
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Moot

Veteran Expediter
Owner/Operator
One difference between the Conway Now sale and any Panther sale that may come to pass is that the Conway drivers only learned of it after the deal was done. Their first word came via a Qualcomm message notifying them that the deed was done.
I was at home and OOS preparing for a 10 day canoe trip when I got a phone call about 08:30 that Saturday morning. Quite a surprise! I'm sure us Panther Partners won't hear anything more until the "deed" is done.

In this case, word of a possible Panther sale is preceeding whatever deal may come to be.
Word of a possible sale may be preceding the deal, but right now it is only rumor. Consider the source: Reuters, Reporting by A. Ananthalakshmi in Bangalore; Editing by Unnikrishnan Nair, Saumyadeb Chakrabarty. I'm sure there are some decent reporters and editors in Bangalore, India, but something may have been lost in the translation. A sighting of a two headed black panther in India could certainly set the news wires a buzz.

I don't doubt that Panther may be on the block, but that doesn't mean there are any interested buyers. They have scrapped 2 IPOs in the past 5 years. In hindsight Con-Way Now openly displayed signs of a pending sale; a lower fixed rate per vehicle class, a sliding f.s.c. per vehicle class and a turn over in key management positions. I believe Express 1 showed similar signs. The Fenway boys have been doing the same with Panther over the years.
 
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Moot

Veteran Expediter
Owner/Operator
Others stayed at least long enough to get their stay-on bonus (which was 30 days, IIRC).
I got a $1000 bonus. I don't know if that was based on years of service or if they just really, really liked me! I had the option of getting it loaded on my Comdata card or a check. I opted for the check.
 

Turtle

Administrator
Staff member
Retired Expediter
The $1000 was the incentive to stay on with Panther after the buyout. I can't remember but it may have been more than $1000 for straights and tractors. They also paid you $100 if you removed your old lettering, which I did.
 

CharlesD

Expert Expediter
I offered them $3.49, but they turned it down, which seems strange given how much they like cheap bids.
 

Steady Eddie

Veteran Expediter
Owner/Operator
Would love to see ConWay Now buy them back. Come to think of it ConWay Now's no compete is up this year?

And that my freinds is how Rumors get started.....:)
 

Moot

Veteran Expediter
Owner/Operator
Moot, was the $1000 maybe associated with the Panther rewards program? Gold level maybe?

Gold level? That's funny! In the precious metal race I can't even make the pig iron level. Is pig iron even considered a precious metal? The $1000 came from Con-Way Now to sign on with Panther and to make sure I'd leave them once and for all. I was with Con-Way Now for 9 years and prior to that, Con-Way Central Express for 13 years. I should have demanded two grand and a gold plated wheel chock. At least I would have obtained some precious metal.
 

Moot

Veteran Expediter
Owner/Operator
Breaking news from Bangalore, India. Reuters: Con-Way Inc. through unnamed sources has expressed an interest in getting back into the expedited freight market.
 

jelliott

Veteran Expediter
Motor Carrier Executive
US Army
Wonder what's happening here. Media coverage has died down. Wonder if XPO or ABF are still trying to get a deal done or?
 
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