Swiss shipping company MSC confirmed on Thursday that it has made a voluntary tender offer to acquire a controlling stake of up to 67% in Brazilian logistics company Log-In Logistica Intermodal.
MSC said in a statement it would be offering 25 reais ($4.79) per share for at least 62% and at most 67% of Log-In’s total issued and outstanding shares, confirming a securities filing issued by Log-In late on Wednesday.
The bid values Log-In at 2.65 billion reais ($506 million) and the offer implies a premium 67% over Log-In’s closing price on Wednesday.
MSC said the offer, which is subject to certain conditions, would be launched through the issuance of a public notice, followed by a share auction within 30 days of that notice.
“MSC believes that, with this transaction, Log-In will be able to further enhance its customer-centric approach to all its existing customers in all its services, including cabotage, inland solutions and container terminal operations,” MSC said.
Log-In said on Wednesday that MSC had informed Brazil’s antitrust regulator Cade about its intention to acquire a controlling stake in the company.
“The company will analyse the content of the letter, as well as its obligations related to the intended offer,” Log-In said, adding that it would keep the market informed of any relevant developments regarding the potential transaction.
Source: Reuters (Reporting by Gabriel Araujo; Editing by David Clarke)