Panalpina’s biggest shareholder rejects DSV bid

DSV has said it continues “to carefully review the situation” after its takeover bid for Panalpina was rejected by Panalpina’s biggest shareholder.

In January, the Danish logistics group made an unsolicited offer to acquire Panalpina for CHF170 per share, made up of a mix of cash and DSV shares.

The Ernst Göhner Foundation, which hold some 46 per cent of Panalpina’s total share capital, last week told Panalpina’s board of directors that it does not support the current non-binding proposal from DSV and that it supports Panalpina’s Board of Directors in pursuing an independent growth strategy that includes M&A.

DSV puts in bid to acquire Panalpina shares