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BAAR, Switzerland/COPENHAGEN, Denmark: October 23, 2018. UPDATE. Ceva Logistics has rejected an increased takeover offer of CHF30.00 a share from Danish logistics group DSV following an earlier bid that would have valued the Swiss company at US$1.55 billion.

DSV MexicoAccording to DSV, the second offer would have provided Ceva shareholders with a premium of 60.4 percent to Ceva's share price of CHF18.70 as of October 01, 2018 and 45.8 percent to the 60-day volume-weighted average price of CHF20.58.

Commenting on its first offer DSV declared: “We are confident that a combination would be in the best interests of the stakeholders of both companies as it presents a unique opportunity to build on the successful legacies of our businesses by extending our service offering and giving our combined operations additional scale.”

However, based on the second rejection by Ceva, DSV said it "had decided not to pursue an acquisition and would not be making any additional comments on the matter".

Ceva responded to the first DSV offer saying it was “inadequate” and undervalued its prospects as an independent company - particularly in light of CMA CGM’s increased shareholding from 24.99 percent stake to 33.3 percent.

In 2017 Ceva generated revenue of US$7 billion and an adjusted EBITDA of US$280 million; CMA CGM produced revenue of US$21.1 billion and an EBITDA of US$2.1 billion; and DSV had US$11.6 billion in net revenue and an EBITDA of US$870 million last year.

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