In a recent development within the logistics sector, Wincanton, a UK-based haulage firm, has expressed support for a takeover bid from US logistics giant GXO, valued at £762 million. This decision comes after the company decided to retract its support for a competing offer from CEVA Logistics, headquartered in Marseille, which proposed a bid of 480p per share, compared to GXO's 605p per share offer. This shift marks a significant turn in the ongoing acquisition saga, with GXO's bid representing a 29% premium over Wincanton's highest share price within the evaluated period.
Wincanton, distinguished as the last UK-listed logistics entity, plays a critical role in the nation's supply chain, employing 20,000 individuals and servicing prominent retailers. The company's chair, Sir Martin Read, highlighted Wincanton's innovative strides under its current leadership and acknowledged GXO's recognition of the company's inherent value.
As the deadline approaches, CEVA Logistics has the opportunity to present a revised offer, adding another layer of anticipation to the takeover narrative.
Source: amp.theguardian.com