SkySpace Cargo rejects takeover bid from Sino VC

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Miami-based start-up SkySpace Cargo has rejected a $21 million takeover bid from Sino VC, saying the company is not for sale.

The online platform allowing freight forwarders to compare routes, get quotes and coordinate vendors in real time has grown rapidly since being founded in 2016.

On 25 April, Beijing-based Sino VC submitted an offer to buy 100% of the company’s shares for $21 million, but SkySpace has rejected the un-solicited acquisition offer.

A representative from the start-up says the board of directors “carefully considered the proposal, noting that the company has not conducted and is not conducting a sale process”.

Though it had received other offers, they concluded that “the company is not for sale”.

Toby Raworth, CEO of SkySpace says it is too soon to sell or significantly change the company structure, saying he did not pursue the project for a quick exit but to build long term and lasting partnerships.

SkySpace partners with more than 100 airlines to offer 50,000 searchable flight options, with prices updated daily.

Over the last 12 months, SkySpace has opened customer service centres in Miami, Mexico and Buenos Aires, and intends to expand to Poland and China in the coming year.

The company says: “Any future determination of whether to pursue a sale or other strategic transaction would be made by the board of directors and senior management based on the particular facts and circumstances and an evaluation of whether any such transaction would be in the best interests of our stakeholders.”