Panalpina’s largest shareholder – Ernst Göhner Foundation – with approximately 46 per cent of the total share capital, has rejected DSV’s acquisition offer. In mid-January Denmark’s DSV made an unsolicited bid to buy Swiss logistics company Panalpina for nearly USD 4.05 billion, based on CHF 170 (USD 170.5) per share
In a statement the Ernst Göhner Foundation informed the Panalpina Board of Directors of its opposition to the DSV proposal and that it supports Panalpina’s Board of Directors in pursuing “an independent growth strategy that includes M&A”.
“We strongly believe that Panalpina can create more value for its shareholders, customers and employees through its consolidator strategy than the published non-binding purchase offer from DSV,” said Ernst Goehner Foundation board member Thomas Gutzwiller in a statement.
According to its fiduciary duties the Board of Directors of Panalpina continues to carefully review the situation with its professional advisers, it adds.