Wincanton board backs £762m takeover approach from GXO

Wincanton said on Friday that its board is now backing a £762m takeover approach by Clipper Logistics owner GXO Logistics, withdrawing previous support for an offer by CEVA Logistics, a unit of French shipping firm CMA CGM.

Earlier this week, CEVA upped its offer for Wincanton by 6.7% to 480p a share. However, on Thursday, GXO announced a 605p a share 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.

Wincanton chairman Martin Read said: "We have long been clear that Wincanton is a great business with a compelling strategy, strong customer relationships and excellent people. Under the current management team, we have made positive progress and ensured that Wincanton is at the forefront of logistics innovation.

"The board of Wincanton is pleased that GXO recognises the very significant value inherent in this business and intends to recommend the offer to shareholders for their consideration."