(Bloomberg) -- GXO Logistics Inc. plans to remain an independent company, according to people familiar with the matter, spurning acquisition offers as the supply-chain services provider prepares to replace its chief executive officer.
The company reached the decision after exploring sale options in recent months, said the people, who asked not to be identified discussing information that isn’t public. Bloomberg reported in October that the Greenwich, Connecticut-based company was working with financial advisers after receiving interest from potential buyers.
A representative for GXO declined to comment Tuesday.
GXO’s shares tumbled as much as 12% after regular trading in New York. The stock was down 3.5% this year through the close while the broader market is up, giving the company a market value of about $7 billion.
Separately, GXO announced Tuesday that Chief Executive Officer Malcolm Wilson plans to retire in 2025. Wilson, who has held the top post since GXO was spun off from trucking company XPO Inc. in 2021, will continue to lead the company during the search for a successor, according to a statement that confirmed an earlier Bloomberg report.
The decision not to sell strays from the company’s track record of dealmaking. XPO built GXO through a series of acquisitions before spinning off the company to simplify its business structure. GXO reached a deal in 2022 to buy Clipper Logistics Plc for about $1.3 billion.
GXO, which counts clients such as Nike and H&M, offers warehousing, distribution, order fulfillment and a range of supply-chain services.
(Updates with share decline, CEO retirement confirmation beginning in fourth paragraph.)
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