The Board of CEVA Logistics has rejected an offer of takeover of the value of about 1,3 billion euros



Today the Helvetic logistic group CEVA Logistics has announced that own board of directors has rejected an offer in order to buy the company based on the price of 27,75 franchi Swiss for each action, value that yesterday represents a prize of 50% regarding the price of closing to the Switzerland Stock exchange that has turned out pairs to 18,42 franchi Swiss.

The Board of CEVA has emphasized that the proposal, of the total value of 1,53 billion franchi Swiss (1,3 billion euros) in order to acquire beyond the 55 million one actions in which is subdivided the capital of the logistic group, is "inadequate" as meaningfully underrates the perspectives of the group as independent company, "in particular since - has explained the board of directors - CEVA Logistics with CMA CGM which strategic partner (the French shipowning group that in the past few months has acquired 24.99% of the capital of CEVA,on 20 April and 11 July 2018, ndr) is examinee the actions in order to improve the performances to the aim to unblock the potential full load of CEVA Logistics".

As a result of this offer not received from the Board, the board of directors of CEVA has announced to have instead accepted, upon request of CMA CGM that is the main shareholder of the group, to modify the existing agreement of stand-still in existence between the two parts rimuovendo it obligation regarding CMA CGM not to increase own participation in CEVA beyond current 24.99% of the share capital until next 5 November and allowing with immediate effect to the French group to increase own participation until to a third party of the rights to vote of CEVA. Moreover the two parts have agreed that in next the six months CMA CGM you do not start an offer regarding CEVA without the prompt one by the board of directors of the Helvetic company, unless such offer does not turn out advanced to eventual other advanced proposals meantime from third party.

With the modification of the stand-still pact the French shipowning group has communicated the intention to increase own participation in CEVA "to the aim - CMA CGM has explained - to supply to the company the stability necessary in order to realize own transformation". The French group has emphasized moreover own support to the decision of the Board of CEVA to reject the offer and has evidenced that the project of the French group in confronts of the Swiss company "would allow to transform CEVA in a more profitable society and than to place it at best in order to pick important opportunities for the creation of value for the benefit of the society, employee its and its shareholders".