19th Jan 2024 09:01
(Alliance News) - Wincanton PLC said it has agreed to be bought by one of the largest container shipping companies in the world.
The Wiltshire, England-based logistics provider said it has agreed on the terms of a recommended cash takeover offer from CEVA Logistics UK Rose Ltd, a subsidiary of CMA CGM, a shipping and logistics company based in Marseille, France.
The offer is for 450 pence a share, valuing Wincanton at GBP566.9 million on a fully diluted basis, with an enterprise value including debt of around GBP764.9 million.
The offer price represents a 52% premium to Wincanton's closing price of 297p on Thursday. Wincanton shares jumped 47% to 436.50 pence each on Friday morning in London.
"The intended acquisition of Wincanton represents an attractive growth opportunity that is in line with Ceva's expansion strategy. It is a unique opportunity to expand Ceva's offering in the UK, and to acquire complementary grocery and consumer expertise," the firms said.
The takeover offer is subject to approval by Wincanton shareholders at a general meeting that is yet to be announced.
"While we remain confident in the long-term prospects of Wincanton and the wider sector, we recognise that the strong performance of the company has not been reflected in the performance of its shares in recent years," explained Wincanton Chair Martin Read.
"We therefore believe this offer represents the best opportunity for shareholders to realise the value of their investment with greater certainty."
By Tom Budszus, Alliance News slot editor
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