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Wincanton shareholders approve GBP750 million GXO Logistics takeover

10th Apr 2024 18:58

(Alliance News) - Wincanton PLC on Wednesday said shareholders voted in favour of the proposed GBP750 million acquisition by by GXO Logistics Inc.

The Chippenham, UK-based supply chain logistics specialist held court and general meetings earlier today, where shareholders voted with near unanimous approval.

Completion of the acquisition remains subject to the satisfaction or waiver of certain other conditions, Wincanton said.

On Friday last week, Wincanton said that the period for an increased takeover offer from Ceva Logistics UK Rose Ltd had passed, leaving the company open for an acquisition by GXO Logistics.

Wincanton had been in the midst of a bidding war between Ceva and GXO, for an all-share takeover of the company.

Ceva is a subsidiary of Marseilles, France-based CMA CGM, while GXO is based in Greenwich, Connecticut. Both are supply chain logistics companies.

In January, Ceva made an offer of 450 pence per Wincanton share for the company's entire issued share capital.

Following an offer of 605p per share by GXO in March, Ceva upped its bid to 480p but said it would not increase the offer price further, effectively bowing out of the race for Wincanton.

Wincanton urged shareholders to accept the offer by GXO, which represents an enterprise value of roughly GBP753.5 million.

Shares in Wincanton closed flat at 601.00 pence each in London on Wednesday.

By Greg Rosenvinge, Alliance News senior reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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