October 23, 2018 / 2:33 PM / a month ago

Denmark's DSV abandons bid for Swiss Ceva Logistics

OSLO, Oct 23 (Reuters) - Freight forwarder DSV will no longer pursue its unsolicited offer for Swiss transport group Ceva Logistics, the Danish company said on Tuesday.

The board of Ceva on Oct. 11 rejected a 1.53 billion Swiss franc ($1.54 billion) bid, and DSV on Tuesday said it had since offered to raise its bid by a further 8.1 percent, to 30 francs per share.

“Based on the unwillingness of the board of directors of Ceva to engage directly with DSV at the price per share offered we have decided not to pursue an acquisition,” DSV said in a statement.

$1 = 0.9951 Swiss francs Reporting by Terje Solsvik; editing by David Evans

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