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CEVA Logistics says CMA CGM's $1.67 billion offer is not good enough

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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.

CMA CGM offered 30 francs per share in cash, less dilution effects such as any dividend payments made before the deal closes, according to a prospectus published on Monday by offer manager Vontobel.

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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