Danish transport company DSV A/S made an unsolicited nonbinding offer to acquire Swiss air freight and logistics firm Panalpina Welttransport (Holding) AG for CHF170 per share.
The offer, which comprises CHF55 in cash and 1.58 DSV shares for each Panalpina share, represents a premium of 24% to Panalpina's closing share price of CHF137.5 on Jan. 11, DSV said. Panalpina is reviewing the proposal with its professional advisers.
The combined business is expected to generate revenues of more than 110 billion Danish kroner on a pro forma 2018 basis, DSV said.
As of Jan. 15, US$1 was equivalent to 6.55 Danish kroner.