A takeover bid by an unnamed company has been rejected by CEVA Logistics, with CEVA saying that the CHF27.75 per share offer significantly undervalues its business.

As a result of the bid, CEVA Logistics have agreed with its largest shareholder CMA CGM that it can increase its stake from 24.99% to one third of the voting rights.

Under the deal CMA CGM have agreed to not launch or trigger and offer without the recommendation of the CEVA board in the next six months – other than an offer which is superior to another offer.

In a statement, the CEVA board highlighted the company’s prospects as a standalone company particularly it, with CMA CGM as a strategic partner, has been exploring measures to enhance performance to unlock the full potential of the business.

“The unsolicited proposal is therefore inadequate. Accordingly, the Board of Directors has decided to not engage on the basis of this unsolicited proposal.”