-

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 …

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.

Read More News:
Next eyes acquisition of stricken Body Shop

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.

Sign up for Investomania

Subscribe to the Investomania newsletter to have our daily recap delivered directly to your inbox.

No spam. Unsubscribe anytime.