Panalpina’s largest shareholder rebuffs DSV’s takeover offer

Panalpina’s largest shareholder, the Ernst Göhner Foundation, representing approximately 46% of the total share capital, rejected the unsolicited CHF170 per share takeover bid by the Danish logistics company DSV. The price offered by DSV was the equivalent of $4.1bn.

The Panalpina committee of the Ernst Goehner Foundation added in a statement that it “supports Panalpina’s board of directors in pursuing an independent growth strategy that includes M&A.”

A statement from Panalpina said: “According to its fiduciary duties the Board of Directors of Panalpina continues to carefully review the situation with its professional advisers.”

The offer was made on January 16th, with Panalpina making a terse statement that “the Board of Directors of Panalpina announces that it has received an unsolicited, non-binding proposal from DSV to acquire the company at a price of CHF 170 per share, comprising a mix of cash and DSV shares. 

Source: Panalpina