Latest news from Heavy Lift & Project Forwarding International Magazine

Heavy Lift Across the World

DSV confirms offer to CEVA Logistics was rejected

Denmark’s fast-growing logistics group DSV has issued an official statement confirming that its recent offer to takeover CEVA Logistics was rejected by the CEVA board.

In the statement, DSV said: “In response to CEVA Logistics announcement this morning, DSV can confirm that it has made a private proposal to CEVA’s Board of Directors to acquire CEVA for CHF 27.75 (USD28.10) per share.

“The proposal would provide CEVA shareholders with an attractive premium of 50.7 percent to CEVA’s share price of CHF 18.42 (USD18.42) as of October 10, 2018.

“Our proposal has been rejected by CEVA’s Board of Directors, and DSV has no dialogue with CEVA regarding a voluntary public tender offer for the outstanding equity of CEVA.”

DSV added that it has “long respected and followed CEVA’s business and believes combining the two companies would deliver significant value to all stakeholders (including shareholders, employees, customers and suppliers)”.

It continued: “We are confident that a combination would be in the best interests of the stakeholders of both companies as it presents a unique opportunity to build on the successful legacies of our businesses by extending our service offering and giving our combined operations additional scale.”

CEVA’s statement said that “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.”

The statement added that in light of the current circumstances, CEVA’s board agreed to the request from its major shareholder to modify the current stand-still agreement between the two companies. CMA CGM's duty to not increase its holding above the current 24.99 percent of the share capital before November 5, 2018 has been amended to the effect that CMA CGM is allowed to increase its holding up to one third of the voting rights of CEVA Logistics with immediate effect.

HLPFI readers may recall that CMA CGM acquired its 25 percent stake in CEVA Logistics as part of the planned flotation of the CEVA business earlier this year as we reported here.

www.cevalogistics.com

www.cma-cgm.com

www.dsv.com

Heavy Lift | News

Allseas wins decommissioning work thumbnail image

Allseas wins decommissioning work

September 20 - Allseas has been awarded a contract for the removal, transfer, load in and disposal of the Gyda platform in the Norwegian part of the North Sea.
Views: 189
Innovation overhauled thumbnail image

Innovation overhauled

September 20 - DEME’s offshore installation vessel Innovation has undergone a major refit at Damen’s Verolme shipyard in Rotterdam.
Views: 183
Sun shines with Chipolbrok thumbnail image

Sun shines with Chipolbrok

September 20 - Chipolbrok has delivered a range of heavy and oversized components using its vessel Chipolbrok Sun, including 56 wind turbine tower sections in Piteå, Sweden.
Views: 191
Demag delivers for Wiesbauer thumbnail image

Demag delivers for Wiesbauer

September 20 - Germany-based crane service provider Wiesbauer has added a Demag AC 300-6 all-terrain crane to its fleet.
Views: 145

Heavy Lift Across The World

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