Panalpina shareholder David Samra urges board to consider DSV offer
ONE of Panalpina's major shareholders has written to the company's board urging them to seriously consider DSV's takeover offer and to express its concern over the largest shareholder's control over the company
ONE of Panalpina's major shareholders has written to the company's board urging them to seriously consider DSV's takeover offer and to express its concern over the largest shareholder's control over the company.
In a letter to the Panalpina board, managing director of Artisan Partners, David Samra, who's a 12 per cent shareholder, said: 'We believe the DSV offer provides an obvious opportunity to realise value for shareholders. We fully expect the board to engage with DSV in a constructive and transparent manner, negotiating in good faith to achieve an outcome that is in the best interest of all the Company's shareholders (and other stakeholders), consistent with the fiduciary duties the Board owes to the Company and all its shareholders.'
Mr Samra also reiterated concern outlined by another shareholder over the'unusual relationship' between Panalpina and the Ernst Gohner Foundation.
Current Panalpina chairman, Peter Ulber, and vice chairman, Beat Walti, serve not only on the Panalpina board but also on the board of Ernst Goehner, which has a 45.9 per cent stake.
Mr Ulber has stated that he will not stand for re-election.
'We have written to you previously to express deep concerns about the unusual relationship between Panalpina and the Ernst Gohner Foundation.'
'The continued lack of clarity surrounding the Foundation's role with respect to the corporate governance of the Company is unconscionable, and years of the Company's continued underperformance have made this circumstance that much more intolerable.
'We have continually pleaded with the Company to focus its efforts on maximising shareholder value - taking into consideration the interests of all stakeholders of the Company - and have underscored the importance of open-mindedness with respect to being acquired.'
Artisan Partners would like Mr Ulber and Mr Walti banned from any discussion about the takeover offer, reports London's Air Cargo News.
'We are ready to initiate any necessary measures to protect the Company's and all shareholders' interests.'