Wincanton accepts increased bid from CEVA Logistics, shares soar

Wincanton (LSE: WIN) has accepted a sweetened bid from CEVA Logistics UK Rose, valuing the British logistics company at £604.7 million. This revised offer comes amid news of another potential bidder showing interest in the firm.

The new offer of 480 pence per share represents a 6.7% premium to CEVA’s initial bid of 450p per share, announced in January 2024. CEVA is a subsidiary of French shipping and logistics giant CMA CGM.

Following the announcement, Wincanton shares surged 11% to 500.00p, exceeding the revised offer price. The Wincanton board considers the new terms “fair and reasonable” and recommends shareholder acceptance.

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While acknowledging an approach from another potential bidder, Wincanton clarified that no formal proposal, including price or terms, has been received yet.

A general meeting is scheduled for March 13 to discuss the scheme of arrangement facilitating CEVA’s acquisition of Wincanton.