GXO Logistics, the pure-play contract logistics provider, has made a cash offer to acquire Wincanton, surpassing a recommended bid from Ashby de la Zouch-based CEVA Logistics UK Rose.
Under the terms of the offer, each Wincanton shareholder will be entitled to receive 605 pence in cash for each Wincanton share held.
The acquisition price values the entire existing issued and to be issued share capital of Wincanton at approximately £762 million on a fully diluted basis and values Wincanton at approximately £764 million on an enterprise value basis.
The acquisition price represents a premium of approximately 26 per cent to the increased and final offer price per Wincanton Share of 480 pence from CEVA which was announced on 26 February 2024.
Malcolm Wilson, Chief Executive Officer of GXO, said: “Wincanton is a world class business, and we have long been impressed by their high-quality people and diverse customer relationships across key industries.
“The combination of GXO’s technological capabilities and global reach with Wincanton’s proven expertise in the UK and Ireland markets will enhance our offering for the benefit of both companies’ current and future customers. Our superior offer reflects our conviction in the value of this business and the opportunities the combined company will realize.
“GXO has a long heritage in the UK and a demonstrated track record of seamlessly integrating businesses in this market. We’re proud that our operations support the growth of UK companies, create high value jobs, and enhance the communities where we operate.
“As a focused pure play logistics leader, we are committed to investing in superior, differentiated logistics solutions, and we are confident that this combination will generate significant value for our shareholders, customers, and employees alike.”
