Acquisition talks between UTi Worldwide Inc., a $4 billion Long Beach, Calif.-based third-party logistics provider (3PL) and Denmark-based DSV A/S ended on Dec. 4, as reported by Bloomberg News.
The news agency said that talks ceased after news of the acquisition of UTi by the Nordic region’s largest trucking company caused UTi's share price to increase.
While UTi’s shares were valued at $13-$14 on Dec. 3, Bloomberg is reporting shares jumped to $14.75 on Dec. 3 but had fallen back to $12.41 by early afternoon on Dec. 4.
Since disclosing on Feb. 25 that it had breached some loan covenants, UTi has lost about one-quarter of its market value.
The company was scheduled to release third quarter results on Dec. 4, but the earnings call has been postponed to Dec. 9.
