Wincanton surges as GXO makes £764m takeover offer, trumps CEVA Logistics

Under the terms of the offer, Wincanton shareholders would receive 605p per share in cash. This is well above the 480p per share offered by CEVA Logistics, a unit of French shipping firm CMA CGM.

Ceva Logistics noted the offer from GXO and said in a brief statement that it was "considering its options".

GXO chief executive Malcom Wilson 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.

"GXO has a long heritage in the UK and a demonstrated track record of seamlessly integrating businesses in this market. We're proud that our operations support the growth of UK companies, create high value jobs, and enhance the communities where we operate. As a focused, pure play logistics leader, we are committed to investing in superior, differentiated logistics solutions, and we are confident that this combination will generate significant value for our shareholders, customers, and employees alike."

At 1340 GMT, the shares were up 21% at 615p.