CEVA rejects takeover bid from unnamed company

CEVA Logistics has rejected a takeover bid from an unnamed company, saying the CHF27.75 per share offer significantly undervalues the business.

In the light of the bid, CEVA has agreed that its largest shareholder CMA CGM can increase its stake from the current 24.99 per cent to one third of the voting rights.

CMA CGM has agreed, under certain conditions, to not launch or trigger an offer without the recommendation of the CEVA board in the next six months – other than an offer which is superior to another offer.

IN a statement, the CEVA board highlighted the company’s prospects as a standalone company particularly it, with CMA CGM as a strategic partner, has been exploring measures to enhance performance to unlock the full potential of the business.

“The unsolicited proposal is therefore inadequate. Accordingly, the Board of Directors has decided to not engage on the basis of this unsolicited proposal.”