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Wednesday, December 3, 2014

UTi Worldwide says held exploratory talks to be acquired by DSV, (NASDAQ: UTIW)

Logistics company UTi Worldwide Inc said it held "exploratory" talks to be acquired by Nordic trucking company DSV A/S, denying a Bloomberg report that discussions were at an advanced stage. UTi has been in talks with DSV since mid-2014 and could reach an agreement as early as this month, but discussions could still stall, Bloomberg reported. ("UTi can confirm that exploratory conversations have taken place between the companies, in response to an inquiry from DSV A/S, those discussions never progressed beyond a preliminary stage," the company said in a statement.DSV A/S issued a statement on Wednesday confirming "certain discussions" with UTi Worldwide about its potential acquisition, but said that "there are no current discussions with UTi Worldwide Inc.""Currently there are no discussions taking place between the companies," UTi added.

UTi Worldwide Inc. is an international, non-asset-based supply chain services and solutions company that provides services through a global network of freight forwarding offices and contract logistics and distribution centers in a total of 59 countries. Shares of UTIW traded higher by 20.28% or $2.34/share to $13.88. In the past year, the shares have traded as low as $9.00 and as high as $17.70. On average, 1138810 shares of UTIW exchange hands on a given day and today's volume is recorded at 5461739.