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 and delivering a significant premium to Wincanton shareholders,” an LSE filing today said.

“Accordingly, the Wincanton directors intend to recommend unanimously the GXO offer and, accordingly, have withdrawn their recommendation of the increased and final cash offer by Ceva Logistics UK,” it added.

Wincanton chairman Martin Read further explained: “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 is pleased that GXO recognises the very significant value inherent in this business, and intends to recommend the offer to shareholders for their consideration,” he added.

Under the terms of Ceva’s improved bid, it retains the right to make a counteroffer, but this would have to meet a deadline of close of business next Wednesday, 6 March.