CMA CGM says it will consider increasing its stake in CEVA Logistics after the company received an unsolicited takeover bid.
An unnamed bidder is said to have offered CHF 27.75 ($28.11) per share in cash for the Dutch-headquartered group, according to a statement
CEVA said it had “carefully reviewed the proposal” and “unanimously concluded” that the proposal was not in the best interest of the company.
As a result, CEVA said it has agreed with CMA CGM to allow the French liner giant to increase its stake in the company to one-third with immediate effect.
In addition, CMA CGM has agreed, under certain conditions, to not launch or trigger an offer without the recommendation of CEVA’s board in the next 6 months.
CMA CGM said it supports CEVA’s board of directors’ decision not to engage in the unsolicited offer it has received.
It added that by increasing its stake in the company it would provide it with “ the required stability” to achieve its transformation.
Earlier this week CMA CGM veteran Serge Corbel was named as the new chief financial officer (CFO) at CEVA Logistics with immediate effect.
Corbel, who has been with CMA CGM for more than 25 years, has been in logistics industry for more than 30 years, CEVA said.
CMA CGM spent up to $462m buying into CEVA Logistics through a subscription for convertible securities in April.
The companies said at the time that they had agreed to explore potential opportunities to work together towards the “development of joint commercial offerings”.
CMA CGM chief executive Rodolphe Saade said at the time: “With this proposed investment in CEVA, CMA CGM makes a significant move, in line with its development strategy.
“CEVA is a major player in the logistics business, which is closely related to the shipping industry.”
