TT File Photo
Shareholders of UTi Worldwide Inc. overwhelmingly approved a $1.35 billion acquisition by Denmark’s DSV A/S, a move that is intended to broaden the buyer’s U.S. and overseas logistics capabilities.
The vote was more than 99% in favor of combining UTi, which ranks No. 9 on the Transport Topics Top 50 list of the largest logistics companies in North America, and DSV, which is No. 13 on TT’s ocean freight forwarding list and No. 17 in airfreight forwarding. UTi shareholders will receive $7.10 per share, a 50% premium over the closing price the day before the Oct. 9 announcement of the merger.
UTi, based inLong Beach, California, has been plagued by declining stock value in the wake of losses before and after a restructuring effort. Its shares closed at $11.63 on Jan. 15, 2015.
The companies plan to complete the acquisition in the first quarter.