Panalpina looks to Agility, as DSV increases offer

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DSV has increased its offer to take over Panalpina, as the Swiss company looks at partnership opportunities with Agility Logistics.

The Danish firm had approached Panalpina in January with an offer of 170 Swiss francs (CHF) per share, which was rejected after Panalpina’s largest shareholder the Ernst Goehner Foundation, told the board of directors that it did not support the proposal.

DSV has increased the offer to CHF 180, which it says was made in response to feedback from Panalpina and includes commitments to employees and its heritage.

The revised all-cash offer equates to a value of EBITDA multiple of 24x based on broker consensus.

Panalpina confirms it has received the revised offer of CHF 180 per share in cash, and the board of directors are reviewing the proposals with its professional advisors.

Agility has confirmed that it is in early discussions with Panalpina about “partnership opportunities” between the logistics businesses.

It says: “Agility is always exploring opportunities to grow its business and maximise shareholder value”.

Agility adds that no agreement has been reached and there are no guarantees that an agreement will be reached.