CEVA Logistics won’t increase takeover offer for Wincanton

CEVA Logistics, a unit of French shipping firm CMA CGM, said on Tuesday that it won’t be upping its takeover offer for Wincanton any further, after being outdone by Clipper Logistics owner GXO Logistics last week.

CEVA, which lifted its offer for Wincanton last week by 6.7% to 480p a share, said the increased and final offer "represented a very attractive opportunity for all Wincanton stakeholders, notably its employees, clients and the Wincanton shareholders".

On Friday, Wincanton said its board was backing a £762m takeover approach by GXO Logistics and withdrawing previous support for the CEVA Logistics offer.

The GXO offer represents a 104% premium to Wincanton’s closing share price on 18 January, which was the last business day before the start of the offer period.