CEVA Logistics says CMA CGM's $1.67 billion offer is not good enoughStaff Writer |
Acquisition CMA CGM offered 30 francs per share in cash
CEVA Logistics said a takeover offer from CMA CGM valuing the Swiss shipper at 1.66 billion Swiss francs ($1.67 billion) was too low and urged investors to snub the bid.
The price matches a pre-tender offer announced in November, which then represented a 46 percent premium.
CEVA Logistics’ board of directors conceded the offer was “reasonable from a financial perspective” and “provides a fair exit opportunity for shareholders who wish to receive cash for their CEVA shares” but countered the company was worth at least a third more than that under a revised business plan. ■
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