Photo credits @ twitter/Wincantonplc

Battle for Wincanton: GXO raises offer from 480p to 605p per share

GXO has escalated the stakes in the acquisition battle for Wincanton by increasing its bid for the company to 605p per share.

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The new GXO bid for Wincanton, announced to London Stock Exchange this morning, represents a significant upward revision, and directly challenges the offer made by French logistics behemoth CMA CGM, which recently sweetened its deal to value Wincanton at £605 million.

This latest development comes after weeks of intense negotiations and competitive bidding for Wincanton, which has been a focal point in the logistics industry. 

Initially, French logistics giant CMA CGM entered the scene with a bid valuing Wincanton at £605 million, offering 450p per share. However, in response to GXO’s interest and to maintain its position, CMA CGM increased its offer to 480p per share just a couple of days ago.

GXO’s latest increased offer of 605 pence per share represents a significant premium and offers Wincanton shareholders a significantly higher valuation. This revised offer not only challenges CMA CGM’s offer, but also demonstrates GXO’s determination to complete the acquisition.

Wincanton, a prominent player in the UK logistics sector, boasts a robust history and a strong market presence. With approximately 20,000 employees and serving major clients such as Asda, Sainsbury’s, and Waitrose, Wincanton has established itself as a leading provider of supply chain solutions.

Moreover, the company’s financial performance reflects its significance in the industry. In the fiscal year ended 2023, Wincanton reported revenues of £1.5 billion.