Shares of freight forwarder and logistics firm UTi Worldwide Inc. soared to new heights on news that it has agreed to be purchased by DSV Group, a Danish trucking company and freight forwarder, in a deal valued at $1.35 billion.

UTi’s stock closed at $7.13 Friday, up 51 percent from Thursday’s close and above the $7.10 a share offered by DSV.

With the market pushing UTi shares above the tender price, investors could be thinking a bidding war may ensue.

Analyst Kevin Sterling, who follows UTi as managing director of BB&T Capital Markets in Richmond, Va., said that’s what happened in 2007 when another freight forwarder, Houston-based EGL Eagle Global Logistics, was bought by Ceva Group Plc. EGL shareholders received $47.50 a share, topping a $46.25-a-share offer from a group led by EGL’s chief executive, James Crane, who had been trying for five months to buy the company.

“There has been precedent in that before with Eagle,” Sterling said, but added, “I personally don’t think that’s going to happen (this time).”

Sterling said the value of UTi shares had collapsed under the weight of financial and operational struggles due to a massive information technology overhaul and a sale was its best option.

“UTi at the end of day was struggling – it lost business, people, customers and this is probably their exit strategy,” Sterling said.

DSV’s purchase price of $7.10 is 9.5 times estimated Ebitda for UTi’s fiscal year 2017, Sterling said, adding that he feels that’s a fair price.

The Danish freight company and UTi discussed a sale in February, sending its stock price soaring. The deal didn’t come to fruition then, said Sterling, adding “My guess is that was when DSV probably saw some of these problems and that’s when it was at $14 and $15, and now they got it at half the price.”