The Board of Directors of CEVA Logistics AG have announced that they will broaden their partnership with CMA CGM. As part of this initiative, CEVA Logistics will acquire the freight management business of CMA CGM. Furthermore, the Board of CEVA Logistics has agreed with CMA CGM, that CMA CGM will offer to CEVA Logistics’ shareholders wishing to exit their investment in CEVA Logistics to purchase their shares for CHF 30.00 per share. The Board of Directors of CEVA Logistics said that they unanimously believe that the partnership with CMA CGM will provide an attractive value proposition to shareholders in the mid and long term. CEVA Logistics and CMA CGM have agreed that CEVA Logistics will remain a listed company with an arm’s length business relationship with CMA CGM.
CEVA Logistics and CMA CGM have said that they are convinced of the substantial growth and value creation potential of this joint industrial project and future strategic collaboration. The industrial project between CEVA Logistics and CMA will generate new commercial opportunities supported by an investment in digital transformation and further increased operational efficiency to deliver a strong and sustainable value creation to shareholders and customers.
As a condition for CMA CGM agreeing to transfer to CEVA Logistics its freight management business and its obligation to offer an exit option to shareholders at CHF 30.00 per share, the Board of Directors of CEVA Logistics AG has agreed that CMA CGM’s tender obligation in case of a third party offer is waived with immediate effect, but shall be reinstalled if the offer of CMA CGM is not carried out as agreed.
CEVA Logistics will provide further details in connection with the announcement of its Q3 2018 results and in connection with the publication of its response statement (Board Report) to the tender offer prospectus by CMA CGM, setting out the details and financial impact of its new long-term business plan resulting from this partnership.
Rodolphe Saadé, Chief Executive Officer of CMA CGM declared: “We are convinced of CEVA Logistics’ potential. This industrial cooperation will make it possible to accelerate its required transformation and to make it a more profitable and efficient leader in logistics for the benefit of its clients, its employees and its shareholders. It reconfirms CMA CGM as the reference shareholder as well as its long-term partner.”