CEVA Logistics plans to broaden its partnership with CMA CGM through the acquisition of the latter’s freight management business and the provision of an exit option for CEVA shareholders.
For shareholders wishing to exit their investment in CEVA Logistics, CMA CGM will offer CHF30 (USD30.06) per share. This exit alternative will be provided in the form of a tender offer by CMA CGM which is open to all shareholders.
As part of the broadened partnership, CEVA Logistics has agreed to purchase CMA CGM’s freight management business at a price to be agreed upon for cash or shares.
The two companies have agreed that CEVA Logistics will remain a listed company with an arm’s length business relationship with CMA CGM. Both companies, according to CEVA, are convinced of the substantial growth and value creation potential of this joint industrial project and future strategic collaboration.
The latest agreement between CEVA and CMA CGM follows DSV's withdrawal of a revised offer to acquire CEVA Logistics for CHF30 (USD30.06) per share, as HLPFI reported here.
DSV says that it decided not to pursue the acquisition “based on the unwillingness of the board of directors of CEVA to engage directly with DSV at the price per share offered.”