CEVA Logistics has rebuffed CMA CGM’s offer for a takeover, according to recent report.
CEVA has stated that the French liner has not made an offer in line with the logistics giant’s valuation.
A midpoint value of $40 a share is expected by CEVA, with CMA CGM understood to offer closer to $30.
CMA CGM and CEVA have had a close relationship in recent times, with CEVA purchasing CMA CGM Log in 2018.
After this CMA CGM increased its stake in CEVA to 33% in October, 2018, with the ultimate aim of providing integrated end-to-end solutions for the companies’ respective customers.
CEO of CEVA Xavier Urbain, said: "I am proud to be putting the whole organization on track to accelerate our transformation and turnaround action plan in the next three years and beyond.
“This can be achieved by a combination of our commercial and sales focus, cross-selling with CMA CGM customers, our own productivity actions, the integration of CMA CGM Logistics within CEVA and sharing resources with CMA CGM in the field of non-strategic procurement and administrative functions."
Read more: CEVA Enters New Alliance