News / Ceva beaten to the punch as Wincanton accepts GXO takeover bid

The board of UK contract logistics operator Wincanton this morning announced it had accepted GXO’s £6.05 per share takeover bid.

Wincanton said the bid values it at approximately £762m on a fully diluted basis and at an enterprise value of approximately £960m (IFRS16 basis), and represents a 26% premium on an improved offer from CMA CGM-owned Ceva Logistics.

“The Wincanton directors are pleased that the public offer process, triggered by their recommendation of Ceva Bidco’s offer on 19 January, is maximising value ...