DSV has withdrawn a second offer to acquire CEVA Logistics before it received a response from the logistics firm – which later replied and said it was “reviewing” the offer.
In a statement, DSV said it made the move “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”.
The board of directors of CEVA Logistics had confirmed late Monday (23 October) that it has received a non-binding letter of interest with an indicative offer price of CHF30 (US$30) per share from the Danish logistics company at the end of last week.
CEVA said: “The board 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.
“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.”
Last week, shipping group CMA CGM upped its stake in CEVA Logistics from 24.99 per cent to 33 per cent of the company shares and also took “additional exposure” of 4.56 per cent of CEVA’s share capital.
The fresh bid from DSV comes after it put in a CHF27.75 (US$28) per share in cash offer in two weeks ago. This valued CEVA on the Swiss stock exchange at about $1.5 billion.