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DSV has withdrawn its revised offer to acquire CEVA Logistics for CHF30 (USD30.06) per share.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

UAL vessels gather in Antwerp thumbnail image

UAL vessels gather in Antwerp

August 23 - Three Universal Africa Lines (UAL) ships have been spotted at the port of Antwerp. All three are being loaded with cargoes destined for West Africa.
Views: 293
Roll Group opens in Asia thumbnail image

Roll Group opens in Asia

August 23 - Roll Group has strengthened its presence in the Asia Pacific (APAC) market by opening offices in Singapore, Malaysia, Indonesia, Thailand and South Korea.
Views: 342
Höegh rolls to Mombasa thumbnail image

Höegh rolls to Mombasa

August 23 - Höegh Autoliners has shipped 100 breakbulk units destined for a cement plant in Kenya on using two of its ro-ro services.
Views: 258
ALE-Giant executes Formosa works thumbnail image

ALE-Giant executes Formosa works

August 23 - ALE has established a joint venture with Giant Taiwan to handle the movement, transport and storage of wind turbine foundations for the Formosa 1 Phase 2 wind farm.
Views: 233

Heavy Lift Across The World

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