Ceva Logistics Rejects $1.55 Bln Takeover Approach
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)