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CEVA Logistics board recommend shareholders reject CMA CGM public tender
CEVA Logistics board has recommended its shareholders do not accept a public tender by CMA CGM for the shares in the company it does not already own.
1 Min Read
Kalyakan - stock.adobe.com
CMA CGM launched the prospectus for its tender offer on Monday offering CHF30 per share. The world's third largest container line owns a 33% stake in Swiss-headquartered CEVA after it bought into the company last year triggering a requirement to make a public tender offer.
Read more: CEVA Logistics to buy CMA CGM Log, Nicolas Sartini appointed deputy ceo
However, CEVA's board recommended its shareholders did not accept the public tender offer even though it was reasonable from a financial perspective for shareholders who wished cash in their shares. It made its recommendation based on the belief “shareholders could realize a higher value with their continuing investment due”.
CMA CGM said previously it plans to maintain CEVA Logistics as a standalone, listed company but with a deeper business relationship with the container line.
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