GXO set to win race for Wincanton
GXO LOGISTICS has gazumped a bid to purchase Wincanton from Ceva Logistics.
The Wincanton board has changed its mind in the light of a higher offer from GXO, and has withdrawn its support for the Ceva bid. It has now recommended to shareholders that they accept the bid from GXO.
The bid from Ceva valued Wincanton at 480 pence per share. The succeeding bif from GXO values the company at 605 pence per share. The GXO offer values the entire existing issued and to be issued share capital of Wincanton at approximately £762 million with an enterprise value of approximately £960m.
CEVA Logistics has until the end of March 6 to make a counter offer, but the French 3PL has told shareholders that it will not improve its offer.
