News / Wincanton bidding war begins as GXO steps in with better offer than Ceva

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A fully fledged bidding war over UK contract logistics operator Wincanton erupted this morning when GXO submitted a formal bid that represented a 26% increase on CMA CGM-owned Ceva’s updated offer.

GXO’s offer price of £6.05 per share values Wincanton at approximately £762m on a fully diluted basis, and approximately £764m on an enterprise value basis – which compares with Ceva’s improved offer  this week of £4.80 per share.

A GXO London Stock Exchange filing says it “represents an increase of £1.25 ...