DSV issues definitive notice of Panalpina shares exchange offer

August 15, 2019: Danish transport and logistics company DSV A/S, Hedehusene (DSV) has released the definitive notice of the final result of the exchange offer for all publicly held registered shares of Panalpina Welttransport (Holding) AG. DSV had published an exchange offer for the same on May 13 this year.

A total of 23,379,700 Panalpina shares have been tendered into the offer, up to the expiration of the additional acceptance period on August 7, 2019, 4 pm CEST. The number of shares correspond to 98.44 percent of all 23,750,000 Panalpina shares listed as of August 7 and that are the object of the offer (success rate).

Subject to the fulfillment of all offer conditions (or a waiver of their fulfillment) and a deferral of settlement in accordance with section B7 (Offer Conditions, Waiver of Offer Conditions, Duration of Offer Conditions and Deferral of Settlement) of the offer prospectus, the settlement is expected to occur on August 19, 2019.

In end of July, the EU Commission approved the merger of Swiss Panalpina and DSV. In April DSV announced it had reached a merger agreement with Panalpina after increasing its offer to 4.6 billion Swiss francs ($4.62 billion). The integration process is expected to begin post August 19.