Wincanton have agreed a £762 million takeover offer from GXO Logistics and the US based logistics group also revealed they had made a 605p a share cash offer from Wincanton.
Wincanton had agreed a £605 million bid from Ceva Logistics who are part of CMA-CGM a French specialist shipping firm, but today they announced this has been rejected and will accept the GXO bid.
Sir Martin Read, chairman at Wincanton, said: “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 of Wincanton is pleased that GXO recognises the very significant value inherent in this business and intends to recommend the offer to shareholders for their consideration.”
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