Zurich, Switzerland and Copenhagen, Denmark — Freight forwarder DSV has made a $4.1 billion takeover offer to purchase Swiss-based Panalpina, which would create third largest global freight forwarder by revenue, behind DHL and Kuehne + Nagel.
In a statement, DSV confirmed the offer. “[We] have made an indicative and private proposal to Panalpina’s Board of Directors to acquire Panalpina. The consideration consists of 1.58 DSV shares and CHF 55 in cash for each Panalpina share. Based on closing prices as of 11 January 2019, the value of the offer is CHF 170 per share.
“We have not yet received a response to our indicative and private proposal from Panalpina’s Board of Directors.”
According to DSV, the indicative proposal will provide Panalpina’s shareholders with a premium of 24% to Panalpina’s closing share price of CHF 137.5 as of 11 January 2019 and 31% to the 60-day VWAP of CHF 129.5 as of 11 January 2019.