Latest news from Heavy Lift & Project Forwarding International Magazine

DSV withdraws revised CEVA offer

DSV has withdrawn its revised offer to acquire CEVA Logistics for CHF30 (USD30.06) per share.

According to DSV, this proposal, submitted to the CEVA board of directors on October 18, would have provided shareholders with a premium of 60.4 percent on the company’s share price of CHF18.70 (USD18.74) as of October 1, 2018 and add 45.8 percent to the 60-day volume weighted average price (VWAP) of CHF20.58 (USD20.62) as of October 1, 2018.

DSV said: “Based on the unwillingness of the board of directors of CEVA to engage directly with DSV at the price per share offered we have decided not to pursue an acquisition of CEVA.”

According to CEVA Logistics, “The board of directors has been analysing, with the support of its advisors, diligently and seriously DSV’s proposal and engaged with the bidder to allow CEVA Logistics more time to review the new proposal.”

CEVA added: “While the CEVA Logistics’ board of directors was considering all the options in the interest of the company and all the shareholders and stakeholders it notes the withdrawal of DSV’s proposal.”

The revised offer follows DSV’s private proposal to acquire CEVA for CHF27.75 (USD28.10) per share earlier this month. HLPFI readers will recall that CEVA rejected this offer, stating: “the proposal significantly undervalues CEVA’s prospects as a standalone company, particularly as CEVA Logistics together with CMA CGM as a strategic partner has been exploring measures to enhance performance in order to unlock CEVA Logistics' full potential.”

Shortly after CEVA declined the proposal, CMA CGM increased its stake in the Swiss company to 33 percent, as HLPFI reported here.

www.cevalogistics.com

www.cma-cgm.com

www.dsv.com

Heavy Lift | News

BigMove establishes forwarding arm thumbnail image

BigMove establishes forwarding arm

February 5 - BigMove, a European alliance of 13 medium-sized logistics companies, has established a project forwarding arm, BigMove Projekt.
Views: 1667
Ainscough builds upon safety culture thumbnail image

Ainscough builds upon safety culture

February 4 - In 2018, Ainscough Group launched an employee engagement application designed to improve communications between its workforce and build upon the company’s safety culture.
Views: 1632
Arndt joins deugro thumbnail image

Arndt joins deugro

February 1 - deugro has appointed Christian Arndt as senior vice president – oil and gas logistics. 
Views: 2309

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.