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‘Bidding war’ on the cards for Wincanton

[ February 27, 2024   //   ]

A bidding war for Wincanton is emerging after it was revealed that US-owned GXO Logistics was also interested in acquiring the UK-based logistics company.

The US firm’s move came on 26 February, about three weeks after CEVA Logistics, a subsidiary of CMA CGM, said it had reached agreement to take over the old-established West Country operator £4.80 per share.

However, Wincanton is continuing to advise its shareholders to take no action at this time, warning that there was no certainty that GXO would in fact make an offer.

Wincanton operates more than 170 sites across the country with a 20,300-strong team – including 5,000 drivers – and a fleet of 8,500 vehicles, mainly involved in domestic UK and Irish distribution.

The sale values Wincanton at about £566.9 million.

Wincanton chairman Sir Martin Read said, in recommending this offer to shareholders in January, that the Ceva offer was in the interests of all the company’s stakeholders, adding that the strong performance of the company has not been reflected in the performance of its shares in recent years.

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