DSV Revealed as Failed CEVA Bidder
DSV A/S, a global transport and logistics company, has confirmed that it made an unsolicited offer to acquire CEVA Logistics.
The proposal, made in private before CEVA’s public announcement on October 11, 2018, was rejected by CEVA’s board of directors, who stated that the offer “significantly undervalues CEVA's prospects as a standalone company”.
Following the rejection, CEVA Logistics and its strategic partner CMA CGM agreed to modify their stand-still agreement, with the latter now allowed to increase its holding in CEVA up to one third.
DSV has also revealed that it has no dialogue with CEVA regarding a voluntary public tender offer for the outstanding equity of the company.
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According to a statement, DSV “believes combining the two companies would deliver significant value to all stakeholders”.
“We are confident that a combination would be in the best interests of the stakeholders of both companies as it presents a unique opportunity to build on the successful legacies of our businesses by extending our service offering and giving our combined operations additional scale.”
CMA CGM has announced plans to unlock CEVA’s potential, including accelerated investments to support the logistics firm’s IT transformation.