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.