DSV pulls plug on CEVA bid

DSV has pulled out of the takeover bid of CEVA Logistics after it had increased its offer on the 3PL company to CHF30 per share.

Earlier this month DHF had approached CEVA’s board with an offer of CHF27.25 a share that the board rejected as undervaluing the business.

This week DSV increased the offer to CHF30 per share and said this would provide its shareholders with a premium of 60.4% on the price of CHF18.70 the company had on the 1st October.

However, it said: “Based on the unwillingness of the board of directors of CEVA to engage directly with DSV at the price per share offered we have decided not to pursue the acquisition of CEVA.

In a statement, the CEVA board said: “While the CEVA Logistics’ board of directors was considering all the options in the interest of the company and all the shareholders and stakeholders it notes the withdrawal of DSV’s proposal.”