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“That recommendation has not been withdrawn, qualified or modified.”

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