DALLAS, TX—FisherBroyles, LLP is pleased to announce it has acted as legal counsel to its long-standing client, PFSweb, Inc. (“PFSweb”) – a Nasdaq listed premier eCommerce order fulfillment provider – in connection with its sale for an equity value of approximately $181 million to GXO Logistics, Inc. (“GXO”) pursuant to an Agreement and Plan of Merger.
The merger agreement provides for GXO, through a subsidiary, to commence a tender offer to acquire all outstanding shares of PFSweb at $7.50 per share in cash. The consummation of the tender offer will be subject to certain conditions, including the tender of at least a majority of the outstanding shares of PFSweb common stock, the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, and other customary closing conditions.
Upon completion of the tender offer, GXO will acquire all PFSweb shares not acquired in the tender through a second-step merger. Upon closing the transaction, PFSweb will be removed from the Nasdaq Stock Exchange, and PFSweb will operate as a division within GXO. The transaction is expected to close in the fourth quarter of 2023.