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Oct 12, 2018 (newstodate): The Danish logistics provider DSV confirms that it was in the market for acquisition of CEVA Logistics - but was rejected.
-Our proposal has been rejected by CEVAs Board of Directors, and DSV has no dialogue with CEVA regarding a voluntary public tender offer for the outstanding equity of CEVA, DSV says in a statement.
The announcement came after CEVA sent out a release without naming DSV as the bidder.
-The Board of Directors of CEVA Logistics AG announces that it has received an unsolicited non-binding proposal to acquire the company at the price of CHF 27.75 per share in cash. The Board of Directors of CEVA Logistics carefully reviewed the proposal with the support of its legal and financial advisors and unanimously concluded that the proposal is not in the best interest of the company and its shareholders, CEVA said.
CEVA actually states that the unsolicited bid fell short of meeting the value of the company.
DSV has been performing strongly in the market and is expected to seek potential opportunities for acquisition.
Some analysts have pointed at the A P Moller Group's Damco's freight forwarding business as one potential target for DSV.
-Our proposal has been rejected by CEVAs Board of Directors, and DSV has no dialogue with CEVA regarding a voluntary public tender offer for the outstanding equity of CEVA, DSV says in a statement.
The announcement came after CEVA sent out a release without naming DSV as the bidder.
-The Board of Directors of CEVA Logistics AG announces that it has received an unsolicited non-binding proposal to acquire the company at the price of CHF 27.75 per share in cash. The Board of Directors of CEVA Logistics carefully reviewed the proposal with the support of its legal and financial advisors and unanimously concluded that the proposal is not in the best interest of the company and its shareholders, CEVA said.
CEVA actually states that the unsolicited bid fell short of meeting the value of the company.
DSV has been performing strongly in the market and is expected to seek potential opportunities for acquisition.
Some analysts have pointed at the A P Moller Group's Damco's freight forwarding business as one potential target for DSV.