Deals
DSV Buys UTi in $1.35 Billion as Maxim Sees Possible Rival Bid
- DSV dropped plans to buy UTi last year after shares jumped
- UTI's stock had lost 61% this year as profit forecast cut
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DSV A/S agreed to buy UTi Worldwide Inc. in a transaction that implies an enterprise value of $1.35 billion as the Danish logistics company seeks to expand in the U.S. air and sea freight market.
Industry history suggests that the bid may not be the final offer, Maxim Group strategist Justin Lumiere said Friday by e-mail after the announcement. UTi’s shares extended their gains late in the day, rising 51 percent to $7.13 and topping DSV’s $7.10-a-share offer.