The terms of the proposed deal call for MSC to make a stock exchange offer to buy all the outstanding A shares of HHLA at €16.75 per share, a 57 percent premium to the 30-day average trading price. Reuters puts the value of the offer at $1.4 billion and a total enterprise value for HHLA at nearly $2.8 billion. MSC would own 49 percent of the company with the City of Hamburg retaining 51 percent ownership. The city owns 69 percent of the A shares plus a non-trading class of stock. The market responded by driving the price of HHLA's shares up nearly 50 percent, to a 19-month high of €17.20. Reuters reported that logistics company Kuehne Holding controlled by German billionaire Klaus-Michael Kuehne was considering a counteroffer either from his company or in partnership with Hapag-Lloyd, in which he is a large investor with a 30 percent stake.