Danish transport and logistics company DSV has increased its offer to buy Swiss peer Panalpina to $4.6 billion.
DSV said that Panalpina, which generates approximately $5.9 billion in revenue annually, had accepted an all-share offer of 2.375 DSV shares for each Panalpina share.
The new bid gives an implied price of $195.8 for each Panalpina share, compared with DSV’s February 15 cash offer of $180 per share and initial cash and shares offer then worth $170 made in January.
The company’s merger with Panalpina’s air- and sea-freight operations will create the world’s number four freight-forwarding company.