Wincanton, UK: US-based GXO has made a formal 605p-a-share cash offer for Wincanton and given more details about the deal in a stock exchange statement issued today.
The deal values Wincanton at £762m or £764m including debts. This dwarfs the other bid for Wincanton from Ceva Logistics – part of French shipping specialist CMA CGM – which valued Wincanton at £605m.
Malcolm Wilson, chief executive 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 realise.”
The stock exchange statement said: “ The acquisition provides Wincanton shareholders with superior value to the Ceva final offer. Accordingly, GXO expects that the Wincanton Board will recommend the acquisition in due course.”
Wincanton said last month that it had agreed to be bought by Ceva, with an initial price of £567m.
GXO bought Clipper Logistics in 2022 in a deal worth close to £1bn.
