Global supplier of transport and logistics solutions DSV - from Denmark - has launched a bid to buy Swiss logistics company Panalpina for around 4 billion Swiss francs ($4.05 billion), according to Reuters calculations, after pressure from an activist investor for Panalpina to do a deal.
Panalpina has stated it had received an unsolicited, non-binding proposal from DSV to acquire the company for 170 Swiss francs per share, made up of a mix of cash and DSV shares. Panalpina’s board said it would consider the proposal, despite a recent statement that it aimed to remain independent.
Activist investor Cevian Capital, which owns 12.3 percent of Panalpina shares, said last year it wanted the company to be open for a takeover amid the company’s struggles in ocean freight, the decline of its business with the oil and gas industry, a delayed IT system and growth that has lagged rivals.
“According to its fiduciary duties, the Board of Directors of Panalpina is reviewing the proposal in conjunction with its professional advisers,” Panalpina said in a statement.
Source: reuters.com
