CMA CGM is on track to hold 89.47% of the share capital of CEVA Logistics, leading to a probable delisting of CEVA from the SIX Swiss Exchange.
CEVA Logistics said in a statement that it published a public tender offer for all publicly held registered shares of CEVA Logistics at a price of SFr30 (US$30) net per share. Final settlement of the offer is expected on 16 April 2019.
The statement added “The shares tendered into the offer during the initial offer period could, subject to settlement of the offer and the acquisition of additional shares by CMA CGM, result in CMA CGM holding an aggregate of at least 49,388,515 shares of CEVA corresponding to 89.47% of the share capital and voting rights of CEVA.
“CEVA acknowledges that CMA CGM is likely to hold, after settlement of the offer, a percentage of the share capital and voting rights of CEVA that would allow CMA CGM to implement a squeeze-out. CEVA would therefore apply for a delisting of its shares from the SIX Swiss Exchange.”
Consequently, CEVA’s board of directors has decided to recommend that remaining shareholders tender their shares during the upcoming additional offer period, starting on 20 March 2019 and closing on 2 April 2019.
CEVA said that if delisting occurs, it would most likely occur concurrently with a squeeze-out, expected in Q3 2019 once all stock exchange and other legal conditions are fulfilled.
It is expected that CEVA’s board of directors will propose that Rodolphe Saadé, chairman and chief executive of CMA CGM be elected as chairman of the CEVA board of directors in the upcoming annual general meeting (AGM) on 29 April 2019, with Rolf Watter acting as vice-chairman following the AGM. It is further expected that CMA CGM will initially retain three independent members of the board of directors of CEVA.