GXO and Ceva Logistics to tussle over Wincanton?
THE BOARD of Wincanton has confirmed that it has received a late competing bid from GXO Logistics to take over the company.
The Wincanton board had earlier advised the company’s shareholders to accept a bid to acquire the firm from Ceva Logistics.
Wincanton said: “Although GXO has indicated that it is considering making a proposal for a cash offer, as of the date of this announcement, it has not provided the Board of Wincanton with any formal proposal relating to a possible offer, including as to terms or price. If any such proposal is provided by GXO the Board of Wincanton will carefully consider its terms, in conjunction with its advisers.
“There can be no certainty that an offer by GXO will be made for the Company, nor as to the terms on which any offer might be made. Accordingly, shareholders are advised to take no action at this time with regard to the approach by GXO.”
The Wincanton Directors are continuing to recommend unanimously to Wincanton shareholders the increased and final cash offer by CEVA Logistics UK Rose Limited, a wholly-owned subsidiary of CEVA Logistics S.A., itself a subsidiary of CMA CGM S.A., announced today. That recommendation has not been withdrawn, qualified or modified.
A further announcement will be made as appropriate.
