CEVA Logistics has knocked back CMA CGM’s offer to buy its shares out, saying CMA CGM had undervalued the company.

In a statement, CEVA said its board of directors had not recommended that shareholders tender their shares based on an independent review of its revised business plan, which indicated a midpoint value “significantly” above the price offered by CMA CGM.

The valuation of CEVA’s revised business plan showed a midpoint value of 40 Swiss francs per share – more than the 30 Swiss francs offered by CMA CGM.

While the board of directors concluded that the offer price of 30 Swiss francs per share was reasonable from a financial perspective and it provides a fair exit opportunity for shareholders, the board said shareholders could realise a higher value with their continuing investment due to the growth potential inherent in the business, the effects of the acquisition of the freight-management business of CMA CGM and the strategic partnership between CEVA and CMA CGM.


CEVA chairman Rolf Watter said the board has confidence in CEVA’s management team in its capability to execute the new business plan.

“Management and the Board will not tender the shares and do not recommend shareholders to tender either,” he said.

CEVA CEO Xavier Urbain said he was proud to be putting the whole organisation on track to accelerate its transformation and turnaround action plan for the next three years and beyond.

“This can be achieved by a combination of our commercial and sales focus, cross selling with CMA CGM customers, our own productivity actions, the integration of CMA CGM Logistics within CEVA and sharing resources with CMA CGM in the field of non-strategic procurement and administrative functions,” he said.