DSV wants to buy Panalpina
Danish transport group DSV has confirmed that the company has given their offer on Panalpina to the company's board of directors. The offer consists of 1.58 DSV shares and 55 Swiss franc in cash per Panalpina share. The value of this is 170 Swiss franc per share, based on closing prices on January 11 2019.
"In connection with Panalpina Welttransport Holding AG's (" Panalpina ") company announcement made today, we can confirm that DSV has given an indicative and confidential offer to the Board of Directors at Panalpina, with intentions of taking over Panalpina", DSV writes in an announcement.
DSV has not received a reply regarding the offer. The indicative offer will give Panalpina’s shareholders 24 percent more than Panalpina's closing price of 137.5 Swiss franc revealed on January 11, 2019 and 31 percent compared to 60-day VWAP of 129.5 Swiss franc revealed on January 11, 2019.
Combining DSV and Panalpina would create one of the world's leading transport and logistics companies, which would be a company with a great potential for growth and economic potential. Combining the companies would be a unique opportunity for both companies and their followers, including shareholders, employees, customers and suppliers.
The combined business is expected to generate pro forma revenue in 2018 of more than 110 billion Danish kroner and EBITDA of more than seven billion kroner based on a pro forma of 2018 (excluding any possible synergy effects).
Source: DSV / Maritime Danmark