The price of YRC Worldwide stock went up sharply Wednesday – then back down again – following a rumor that the LTL operation might be bought by a German company.
The rumor spread on Tuesday, Sept. 25, that Deutsche Post, the parent company of DHL parcel delivery, had offered $41 a share for YRC – an amount much higher than its shares were trading.
But on Wednesday, a stock analyst at Bear Sterns said he doubted the credibility of the buyout rumor, and YRC’s stock went back down to around $28.
Deutsche Post said it made no buyout offer. “Land Line Now” called YRC officials for comment, but that call was not returned.
Headquartered in Overland Park, KS, YRC Worldwide employs approximately 66,000 people. Its companies include Yellow Transportation, Roadway, Reimer Express, USF, New Penn and YRC Logistics.