Swiss logistics group CEVA Logistics has recommended its shareholders resist a takeover offer by French containership giant CMA CGM.
It said the company is worth more than the owner is paying.
“While the board of directors concluded that the offer price of CHF 30 ($30.25) per share is reasonable from a financial perspective and that the offer provides a fair exit opportunity for shareholders who wish to receive cash for their CEVA shares, it makes its recommendation in the belief that shareholders could realise a higher value with their continuing investment,” CEVA Logistics added in a statement.
