CEVA Logistics set to delist on CMA CGM buyout

CEVA Logistics is expected to apply for a delisting from Switzerland’s stock exchange, following CMA CGM completing the acquisition of 89.47% shares in the Swiss freight forwarder.

With CMA CGM holding the significant percentage of the share capital and voting rights of CEVA, it would allow the French line to implement a squeeze-out.

“CMA CGM should likely hold after settlement of the offer a percentage of the share capital and voting rights of CEVA that would allow CMA CGM to implement a squeeze-out and apply for a delisting of the CEVA's shares from the SIX Swiss Exchange,” CEVA announced.

“If delisting occurs, it would most likely occur concurrently with a squeeze-out, which would be expected to take place in the third quarter of 2019 once all stock exchange and other legal conditions are fulfilled,” it stated.

“Consequently, CEVA’s board of directors has decided to recommend that remaining shareholders tender their shares during the upcoming additional offer period, which will commence on 20 March 2019 and close on 2 April 2019.”

CEVA's board of directors had not recommended shareholders to tender their shares at the offered price of CHF30 per share, even though it was deemed reasonable from a financial perspective for shareholders who wished cash in their shares.

Read more: CEVA Logistics board recommend shareholders reject CMA CGM public tender

Earlier this year, CMA CGM launched a public tender to acquire shares in CEVA that it does not already own. CMA CGM had previously owned 33% stake in CEVA after it bought into the company last year, triggering a requirement to make the public tender offer.

During the initial public tender offer period between 12 February and 13 March, a total of approximately 21.48m CEVA shares were tendered into the CMA CGM offer. The settlement of the offer would result in CMA CGM holding at least 49.3m CEVA shares corresponding to 89.47% of the share capital and voting rights of CEVA. This total includes the 33% CEVA shares already held directly by CMA CGM.

Posted 19 March 2019

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Lee Hong Liang

Asia Correspondent

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