DSV rescinds second offer to acquire CEVA before CEVA can respond

Today, Danish logistics company DSV has rescinded its second offer to acquire CEVA Logistics before it ever received a response from CEVA. “Based on the unwillingness of the board of directors of CEVA to engage directly with DSV at the price per share offered,” DSV said in a statement that the offer had been withdrawn.

After its initial offer on Oct. 11 of US$28 per share, which the CEVA board later rejected unanimously, DSV upped the ante to US$30 per share on Thursday, Oct. 18, last week. In addition to the $2 per share increase, the deal would have also provided CEVA shareholders with a premium of 60.4 percent to CEVA’s share price of US$18.80, and 45.8 percent to the 60-day, volume-weighted average price (VWAP) of US$20.69 as of Oct. 1, 2018.

Soon after DSV’s rescission today, CEVA responded in a terse statement, saying it notes the withdrawal of the Oct. 18 offer and said that, for the last five days, it had been “diligently and seriously [analyzing] DSV’s proposal” with the support of its advisors, and had “engaged with the bidder to allow CEVA Logistics more time to review the new proposal.” The withdrawal, however, renders any further analysis by CEVA moot.

DSV added that it does not intend to make any additional comment on the matter.