DSV extends offer period for Panalpina by 15 days

The offer period, which originally was set to end Wednesday, will now conclude July 17, said DSV, which reserved the right to extend the period up to a maximum of 40 days.

   Danish logistics company DSV announced Wednesday it is extending the offer period of its acquisition of Panalpina by 15 days to now end on July 17.
   DSV also reserved the right to further extend the offer period up to a maximum of 40 days. A further extension beyond that time frame would require prior consent from the Swiss Takeover Board, according to DSV.
   The extension of the offer period, which originally was set to end Wednesday, will delay Switzerland-based Panalpina’s extraordinary general meeting from July 16 to Aug. 6. At the meeting, the four DSV executives in line to replace the Panalpina board — Kurt Larsen, who will be elected as chairman of the board of directors, with Thomas Plenborg, Jens Bjørn Andersen and Jens Lund joining as members of the board — will be proposed.
   All current members of Panalpina’s board of directors will resign as the settlement of the public exchange offer by DSV.
   The Danish company announced April 1 it would acquire Panalpina in an all-stock deal worth about 4.6 billion Swiss francs ($4.6 billion).
   The combined company will become the world’s fourth-largest freight forwarder with annual pro forma revenue of about 118 billion Danish krone ($17.7 billion) and a combined workforce of more than 60,000 employees.