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GXO Logistics Inc, the owner of Clipper Logistics, has been identified as the third party interested in buying Wincanton PLC, according to a press report. Sky News said GXO, a Greenwich, Connecticut-based contract logistics company, is plotting to buy Wincanton in a move that would threaten a rival takeover bid by a French competitor. Sky said it was unclear whether a takeover of Wincanton by GXO, which bought Clipper Logistics in the UK in a deal worth £1 billion in 2022, would face serious competition hurdles. Earlier, Wincanton said it had accepted an increased bid from CEVA Logistics UK Rose Ltd, and disclosed a further approach had been received from an unnamed third party. The new offer from CEVA, worth 480 pence per share, values Wincanton at £604.7 million in total. The Wiltshire, England-based logistics provider noted this represented a premium of 6.7% to CEVA’s original bid of 450p per share, made in January. CEVA is a subsidiary of CMA CGM, a shipping and logistics company based in Marseille, France. Shares in Wincanton jumped 12% to 501.25p in London on Monday, well above the revised offer level. Wincanton said it considers the revised bid terms to be ‘fair and reasonable’, and unanimously recommended that shareholders accept. Wincanton also disclosed it had received an approach from a potential competing bidder, which it didn’t name. But the company said no formal proposal has yet been received, including terms or price. Wincanton said the scheme of arrangement by which a bid by CEVA for Wincanton will be facilitated would be discussed at a general meeting on March 13. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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