Thompson Reuters News: Panther Expedited Services is for sale

davekc · Feb 28, 2012

Turtle said:
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 · Feb 28, 2012

LDB said:
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 · Feb 28, 2012

Turtle said:
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.

Bruno · Feb 28, 2012

ATeam said:
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 · Feb 28, 2012

Bruno said:
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 · Feb 28, 2012

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.

blizzard2014 · Feb 28, 2012

See what happened. Turtle left Panther and they had to sell out due to loss of revenue! lol

Scuba · Feb 28, 2012

LDB said:
Could be a bad sign for those hoping for compensation on the class action. It will be interesting to see what happens.

What class action???

ATeam · Feb 28, 2012

Scuba said:
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.

Moot · Feb 28, 2012

ATeam said:
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.

ATeam said:
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.

Moot · Feb 28, 2012

Turtle said:
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.

RETIDEPXE · Feb 29, 2012

Moot, was the $1000 maybe associated with the Panther rewards program? Gold level maybe?

thanx

Turtle · Feb 29, 2012

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.

underdog777 · Feb 29, 2012

Something is hoing on at panther. May be a deai

CharlesD · Feb 29, 2012

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

Steady Eddie · Feb 29, 2012

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 · Feb 29, 2012

RETIDEPXE said:
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 · Feb 29, 2012

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