Swiss court rules on sale of Panalpina shares in DVS acquisition
A SWISS court has ruled that there will be a cancellation of publicly held Panalpina shares and their delisting from SIX Swiss Exchange as of January 28 as part of the sale of Panalpina to Danish logistics giant DSV
A SWISS court has ruled that there will be a cancellation of publicly held Panalpina shares and their delisting from SIX Swiss Exchange as of January 28 as part of the sale of Panalpina to Danish logistics giant DSV.
Thus, the Appellate Court of the Canton of Basel-City has cancelled all registered shares of Panalpina Welttransport (Holding) AG with a nominal value of CHF0.10 (US$0.10) each (Panalpina shares) that are not directly or indirectly held by DSV A/S, Hedehusene, Denmark.
The former owners of the cancelled Panalpina shares will receive, by reference to the public exchange offer dated May 13 of DSV A/S, a compensation in the amount of 2.375 shares of DSV A/S with a nominal value of DKK1 each (US$0.15), which corresponds to the exchange ratio of the public exchange offer.
US shareholders receive a cash compensation corresponding to the pro rata portion of the net cash proceeds of the sale in the open market at the prevailing prices by way of a Vendor Placement of all DSV shares such US shareholders would be entitled to.
By decision of January 20, SIX Exchange Regulation definitively approved the delisting of the Panalpina shares from SIX Swiss Exchange as of January 28. The last trading day of the Panalpina Shares will be January 27.