DSV pulls out of CEVA bid process after revised offer is rejected

DSV will not seek to acquire CEVA Logistics after the Danish supply chain giant’s “revised private proposal” was rejected.
The second offer of CHF30 a share by DSV would have provided CEVA shareholders with a premium of 60.4% to CEVA’s share price of CHF 18.70 as of 1 October 2018.
DSV’s first offer of CHF27.75 per CEVA share would have valued the Switzerland-based company at $1.5bn.
DSV said:”Based on the unwillingness of the Board of Directors of CEVA to engage directly with DSV at the price per share offered, we have decided not to pursue an acquisition of CEVA.”