Rebel UTi shareholder concedes to DSV acquisition

The obstinate shareholder standing in the way of DSV's bid on UTI Worldwide has had a change of heart after reviewing UTI's latest financial performance in detail.

Sterling Capital Management - the investment firm which initially turned its nose up at DSV's offer to acquire UTI - has now changed its response to the bid from the Danish logistics company, reports Lloyd's List after a statement to US Securities and Exchange Commission.

"After reviewing the preliminary proxy statement filed November 9, 2015, we remain disappointed with the value placed on the ordinary shares in the acquisition offer from DSV. Nonetheless, we no longer believe the 13D filing is warranted," says a statement from Sterling.

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