Panalpina has reported today that DSV has upped its takeover bid for the forwarder to CHF 180 per share from CHF 170 per share which it submitted last month.
Last month, the Danish forwarder DSV made non-binding proposal from DSV to acquire the company at a price of CHF 170 per share, comprising a mix of cash and DSV shares – said to value Panalpina at $4.1 billion (£3.1 billion).
In a statement, Panalpina said: “The Board of Directors of Panalpina confirms that it has received a revised, non-binding proposal from DSV to acquire the company at a price of CHF 180 per share, all in cash.
“According to its fiduciary duties, the Board of Directors of Panalpina is reviewing the revised proposal from DSV in conjunction with its professional advisers.
“Further announcements will be made as appropriate.”
Today, Panalpina also revealed it was in discussions with Agility Group on potential strategic opportunities with regard to their respective logistics businesses. The discussions between the two companies are at a preliminary stage.
Last year DSV failed with a bid for CEVA Logistics and also last year, Switzerland’s Kuehne & Nagel also said it was ready to talk with Panalpina about a potential takeover.
DSV is currently the world’s fifth largest freight forwarder behind the likes of DHL. A tie-up with Panalpina would help it to rival Germany’s DB Schenker as the number three in the market.