marine link image
Register now for the Port of the Future Conference • 2 Days, 50 Ports • Houston/Galveston area, TX • April 12–14, 2027

Ceva Logistics Rejects $1.55 Bln Takeover Approach

October 11, 2018

(Photo: Ceva Logistics)
(Photo: Ceva Logistics)

Transport company Ceva Logistics on Thursday said it had rejected an unsolicited takeover attempt, saying the 1.53 billion Swiss franc ($1.55 billion) offer undervalued the recently floated company.

An unnamed suitor offered 27.75 francs per share for Ceva in cash, a premium of 50 percent to the closing price of 18.42 francs on Wednesday.

The offer price was only slightly above the 27.5 francs at which Ceva made its stock market debut in May.

Its shares were indicated 12.8 percent higher in pre-market activity. "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.

"Specifically, the board of directors concluded that the proposal significantly undervalues Ceva's prospects as a standalone company."

A Ceva spokesman declined to name the potential buyer.

Ceva's biggest shareholder, CMA CGM which owns a stake of around 25 percent, said it supported Ceva's decision not to engage in the unsolicited offer.

The French company said it was considering raising its stake "with a view to providing the company with the required stability to achieve its transformation".

Ceva said the French group could raise its voting stake to up to a third from the current limit just below 25 percent.

($1 = 0.9865 Swiss francs)

(Editing by Michael Shields)

Logistics News

EU Wheat Prices Rise As Black Sea Tensions Persist

EU Wheat Prices Rise As Black Sea Tensions Persist

Saudi Gulf Oil Exports Pick Up After Pipeline Attack

Saudi Gulf Oil Exports Pick Up After Pipeline Attack

Export Prices for Russian Wheat Fall

Export Prices for Russian Wheat Fall

Russia Repurposes Fertilizer, Coal Terminals to Export Grain

Russia Repurposes Fertilizer, Coal Terminals to Export Grain

Subscribe for Maritime Logistics Professional E‑News

Bangladesh increases fuel prices due to Middle East conflict
Saudi civil defence sends all-clear after danger warning for capital Riyadh
US and China discuss cutting tariffs for US LNG before Xi's visit