Shareholders in Panalpina, the Swiss freight and logistics group that on Monday surrendered to a $4.6 billion takeover from DSV, get the added benefit of an outsized cut of the raider’s bounty, says LiamWardProud:
Danish freight-forwarding group DSV on April 1 agreed to buy Panalpina in an all-share deal valuing its Swiss target’s equity at 4.6 billion Swiss francs.
Under the offer, Panalpina investors are entitled to 2.375 DSV shares for each share they own. At the Danish group’s closing price on March 29 and at current exchange rates, that implies a price of 195.79 Swiss francs per share. That’s about 43 percent above Panalpina’s share price on Jan. 15, the day before DSV’s first proposal.
Shareholders representing 70 percent of Panalpina have irrevocably agreed to tender their holdings. This includes the Swiss company’s largest investor – the Ernst Goehner Foundation – which has 46 percent of the shares, and activist investor Cevian Capital, with a 12 percent holding.DSV shares were down 1 percent at 544.8 Danish crowns by 0935 BST on April 1. Panalpina shares were up 14.2 percent at 189.4 Swiss francs.
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