Sunday, April 14, 2024

Competing Wincanton bidder revealed

Wincanton has revealed that it has been approached by GXO Logistics, as it considers a possible offer for the company.

It comes after it was announced that a competing bidder had come forward for the supply chain solutions firm, to rival Ashby de la Zouch-based CEVA Logistics’ bid.

CEVA Logistics has upped its offer for Wincanton, valuing the entire issued and to be issued share capital of Wincanton at approximately £604.7 million on a fully diluted basis and valuing Wincanton at approximately £802.7 million on an enterprise value basis. The new bid represents an increase of approximately 6.67 per cent on the original offer.

In a statement to the London Stock Exchange 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 continue to recommend unanimously to Wincanton shareholders the increased and final cash offer by CEVA Logistics UK Rose Limited.

“That recommendation has not been withdrawn, qualified or modified.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.









Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close