News / Ceva Logistics pulls out of race with GXO to acquire Wincanton

Ceva Logistics has formally given up on its plan to acquire the UK’s Wincanton.

The CMA CGM subsidiary upped its all-cash offer last month to an enterprise value of £802.7m ($1.01bn) after GXO expressed interest in the business. But Wincanton’s board last week recommended shareholders accept GXO’s £6.05 per share – giving it an enterprise value of £960m.

Ceva’s improved bid did allow it to make a counter offer by close of business tomorrow. But today it said it would not increase its ...