DSV has abandoned a bid to buy CEVA Logistics, citing a lukewarm reception to its revised offer as the reason for ending its interest in the Swiss multinational.
In the UK both companies are listed in Motor Transport’s Top 100 of the largest road transport companies.
CEVA Logistics was 15th in last year’s list with an annual turnover of £394.5m, while DSV Road was 27th in the list of the Top 100 companies with an annual turnover of £180.7m.
In a statement Hedehusene, Denmark headquartered DSV said it had made a revised private proposal to CEVA Logistics - which is listed on the SIX Swiss Exchange - on 18 October for CHF 30 (£23) per share.
“The proposal would provide CEVA shareholders with a premium of 60.4% to CEVA’s share price of CHF 18.70 as of 1 October 2018 and 45.8% to the 60-day volume waited average price of CHF 20.58 as of 1 October 2018.
"This revised proposal follows our company announcement dated 11 October 2018 [when the company confirmed a bid valued at CHF 27.75].
“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 an acquisition of CEVA.”
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DSV added that it would not comment further.
Responding CEVA said: “The board of directors confirms having received a non-binding letter of interest with an indicative offer price of CHF 30 per share by DSV at the end of last week.
“The board of directors has been analysing, with the support of its advisors, diligently and seriously DSV’s proposal and engaged with the bidder to allow CEVA Logistics more time to review the new proposal.
“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.”
