CMA CGM said on Thursday that it supported CEVA board in its decision not to engage with an unsolicited takeover offer it had received. CEVA said the offer of CHF27.25 per share was not in the best interest of the company or its shareholders.
Earlier this year CMA CGM paid CHF27.50 per share, also the IPO price of the CEVA Logistics, for a 24.99% in the logistics provider. Last week it was announced that Serge Corbel, cfo of APL, a subsidiary of CMA CGM would be moving to CEVA to become its cfo.
“As a leading shipping company, CMA CGM will generate new commercial opportunities for CEVA, particularly through its long-standing relationships with customers looking for more integrated end-to-end offers,” CMA CGM said in a statement on Thursday.
As the container looks to further integrate logistics into its operations it added: “CMA CGM is considering an increase in its shareholding of CEVA with a view to providing the company with the required stability to achieve its transformation.”