October 11, 2018 / 5:31 AM / 6 days ago

BRIEF-CEVA Logistics rejects takeover proposal

(Repeats earlier headlines)

Oct 11 (Reuters) - Ceva Logistics Ag/CMA CGM:

* CEVA Logistics rejects take over proposal

* Received an unsolicited non-binding proposal to acquire the company at the price of CHF 27.75 per share in cash.

* The Board of Directors of CEVA Logistics carefully reviewed the proposal with the support of its legal and financial advisors and unanimously concluded that the proposal is not in the best interest of the company and its shareholders.

* Concluded that the proposal significantly undervalues CEVA’s prospects as a standalone company particularly as CEVA Logistics together with CMA CGM as a strategic partner has been exploring measures to enhance performance in order to unlock CEVA Logistics’ full potential.

* Modification in current stand-still agreement between CEVA Logistics and CMA CGM

* CMA-CGM is allowed to increase its holding up to one third of the voting rights of CEVA Logistics with immediate effect

* All other obligations of CMA CGM (as made public in the IPO prospectus) remain in place, in particular the obligation of CMA CGM to tender its shares into a public tender offer by a third party if recommended by the Board of Directors unless CMA CGM launches a superior offer.

* In addition, CMA CGM has agreed, under certain conditions, to not launch or trigger an offer without the recommendation of the Board of Directors in the next 6 months (other than an offer which is superior to another offer).

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