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GXO Emerges Victorious in Wincanton Logistics Takeover Bid

by Daisy D.
03/04/2024
in Industry, Logistics & Transportation

GXO, a prominent American third-party logistics company, has emerged victorious in the bid to acquire Wincanton Logistics Directors with a proposed £762 million takeover offer. The directors of Wincanton Logistics have decided to throw their support behind GXO’s bid, withdrawing their backing for a competing offer from CEVA Logistics.

In a statement released on Friday, Wincanton announced that its directors intend to unanimously recommend GXO’s offer of 605p per share, which was presented on Thursday. This decision comes after the Wincanton board withdrew its endorsement of an increased final cash offer from CEVA Logistics, which stood at 480p per share. GXO’s offer represents a substantial premium of 29% over Wincanton’s record high share price of 470p, reached on January 18, just before CEVA Logistics made a £567 million bid.

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KRIEGER Worldwide: Delivering Reliable Global Logistics and Supply Chain Solutions

Wincanton, a key supply chain partner for British and Irish businesses, offers a wide range of outsourced and integrated supply chain solutions across various sectors including e-fulfillment, grocery and consumer goods, general merchandise, and public and industrial sectors. With nearly a century of experience, Wincanton boasts a workforce of 20,300 employees operating from over 170 sites across the UK, managing 8,500 vehicles. In the fiscal year 2023, Wincanton reported revenue of £1,462 million and underlying EBITDA of £121.9 million.

Following the announcement, Wincanton shares surged to 622p on Friday, a significant increase from the 297p level recorded on January 18. While CEVA Logistics labeled its £600 million offer as “final,” there remains the possibility of a counteroffer. CEVA Logistics has four business days from Thursday to submit an improved bid. In response to GXO’s offer, Bidco, representing CEVA Logistics, stated that it is assessing its options and reserved the right to revise its offer under certain conditions.

Sir Martin Read, chairman of Wincanton, expressed satisfaction with GXO’s recognition of the value within the business and conveyed the board’s intention to recommend the offer to shareholders. He also commended the current management team for driving positive progress and innovation in logistics at Wincanton.

Get comprehensive supply chain report news updates at The Supply Chain Report. For international trade tools, see ADAMftd.com.

#LogisticsNews #SupplyChainAcquisition #BusinessNews #CorporateTakeover #IndustryUpdates #Trading #GlobalLogistics #SupplyChainManagement #CorporateStrategy #BusinessAcquisition #News #TheSupplyChainReport

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