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DSV bids higher for Panalpina

Following the rejection of its shares and cash bid of last month, DSV has revised its bid for Panalpina upwards to CHF180 per share, all cash, valuing the Swiss multimodal forwarder at CHF4.3B

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DSV bids higher for Panalpina

Following the rejection of its shares and cash bid of last month, DSV has revised its bid for Panalpina upwards to CHF180 per share, all cash, valuing the Swiss multimodal forwarder at CHF4.3B.

 

The Danish logistics group stated on Friday that in making its revised offer, it is aware that Panalpina and Kuwaiti-based forwarder Agility are considering a tie-up, with Panalpina buying Agility and the latter acquiring a minority stake in Panalpina.

 

DSV said its revised all-cash offer has been made "in response to feedback received from Panalpina and included certain commitments to be specified towards Panalpina’s employees and the Panalpina heritage."

 

The revised indicative and contingent all-cash offer equates to an enterprise value to 2018 EBITDA multiple of 24 based on broker consensus.

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