Wincanton receives competing offer from GXO Logistics
GXO Logistics, Inc. has announced it has made a cash offer to acquire Wincanton, this follows a cash offer made by CEVA Logistics UK Rose Limited.
Under the terms of the offer, each Wincanton shareholder will be entitled to receive 605 pence in cash for each Wincanton share held.
Malcolm Wilson, Chief Executive Officer of GXO, said: ”Wincanton is a world class business, and we have long been impressed by their high-quality people and diverse customer
relationships across key industries. The combination of GXO’s technological capabilities and global reach with Wincanton’s proven expertise in the UK and Ireland markets will enhance our
offering for the benefit of both companies’ current and future customers. Our superior offer reflects our conviction in the value of this business and the opportunities the combined company
will realize.”
On 26 February 2024, Wincanton announced that it had received an approach from a potential competing offeror. In response to press speculation, Wincanton made a further
announcement that identified GXO as the potential competing offeror.
On 26 February Wincanton stated on the investors section of the website: “The Wincanton Directors continue to recommend unanimously to Wincanton shareholders the increased and final cash offer by CEVA Logistics UK Rose Limited, a wholly-owned subsidiary of CEVA Logistics S.A., itself a subsidiary of CMA CGM S.A., announced today. That recommendation has not been withdrawn, qualified or modified.”
Pursuant to Rule 2.6(d) and Section 4 of Appendix 7 of the Takeover Code, the Panel Executive has ruled that, unless the Executive consents otherwise, GXO must by 5.00pm on 6 March 2024, being the seventh day prior to the date of the Shareholder Meetings, either announce a firm intention to make an offer for Wincanton under Rule 2.7 of the Code or announce that it does not intend to make an offer for Wincanton.
This deadline will cease to apply if, before that time, a third party other than GXO has announced a firm intention to make an offer for Wincanton under Rule 2.7.
