SAO PAULO (Reuters) – Shares in Brazilian logistics company Log-In Logistica Intermodal soared almost 50% at opening in Sao Paulo after Swiss shipping group MSC made an unsolicited offer to buy a controlling stake of up to 67% in it.
Log-In shares were up 39% at 20.80 reais in early Thursday trade, after jumping 48% at the open.
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.
The bid implies a premium over Wednesday closing prices of 67% and values Log-In at 2.65 billion reais ($506 million). MSC said the offer would be done through a share auction within 30 days after the issuance of a public 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.
($1 = 5.2387 reais)
Reporting by Gabriel Araujo; Editing by David Clarke and Carmel Crimmins
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