Swiss Shipping Firm MSC Launches Takeover Bid for Brazilian Log-In Logistica Intermodal
Brazilian logistics company Log-In Logistica Intermodal said late on Wednesday it had received a takeover offer from Swiss-based shipping group MSC, which intends to acquire a controlling stake of up to 67% in the company.
According to a securities filing, Log-In received a letter from MSC's subsidiary SAS Shipping Agencies Service in which the Swiss company stated its intention to offer 25 reais ($4.79) per share of the Brazilian firm.
The bid represents a premium of 67.2% over the closing price of Log-In shares on Wednesday.
MSC did not immediately respond to an emailed request for comment.
Log-In also said MSC had informed its intention to acquire a controlling stake in the company to Brazil's antitrust regulator Cade.
"The company will analyze the content of the letter, as well as its obligations related to the intended offer," Log-In said, adding it would keep the market informed of any relevant developments regarding the potential transaction.
($1 = 5.2219 reais)
(Reporting by Gabriel Araujo; editing by David Evans)