Chalmers stock has soared to an all-time high after fellow logistics company Qube made a $53 million takeover bid that the Chalmers board is recommending shareholders accept.
Chalmers shares, which have traded between $3.50 and $4.70 since the start of 2018, were up $1.75, or 37.23 per cent, to $6.45 at 1125 AEST.
Sydney-based Qube said it was offering Chalmers shareholders the option to either receive 2.31 Qube shares for their shares, or $6.50 in cash.
"The proposal to purchase all of the shares in Chalmers under the offer is clearly compelling and represents a significant premium to the recent share price performance," Chalmers executive chairman Graham Mulligan said.
Qube shares were up 1.5 cents, or 0.5 per cent, to $3.045.
Based on Qube's share price of $3.045 a share, Qube's scrip offer would be the equivalent of offering $7.034 for each Chalmers share.
The board's recommendation would be conditional on the absence of a superior offer.
The off-market takeover offer is conditional on Qube acquiring 90 per cent of Chalmers shares.
Alljet Investment, which owns 19.9 per cent of Chalmers stock, has already agreed to accept the offer.
Qube describes itself as Australia's largest integrated provider of import and export logistic services, with over 6,500 employees at 130 locations across Australia.
It owns half of Patrick Terminals, Australia's leading container terminal operator.
Founded in 1882, Chalmers offers logistics and transport operations, with cargo container parks near the ports in Melbourne and Brisbane and a fleet of 100 trucks.
Chalmers made a $573,389 loss last financial year and said its Melbourne and Brisbane empty container parks were experiencing "severe declines in patronage" and it was looking at other options for them.
A November 2016 storm in Brisbane toppled 900 containers, costing the company two major clients, while the changes in how the Melbourne terminal handles empty containers has led to a loss in business.
Qube said that Chalmers' transport and logistics operations and strategic property assets would allow for significant cost savings while allowing Qube to progress its growth plans.
