The development comes after French shipping group CMA CGM previously agreed to buy Wincanton for 450p per share. However, CMA CGM has sweetened the deal by increasing its offer to 480p per share, valuing Wincanton at £605m.
Despite the seemingly solidified deal with CMA CGM, GXO’s reported interest in Wincanton throws a curveball into the mix, reports the Financial Times.
GXO, which already owns UK logistics company Clipper Logistics, has reportedly approached Wincanton with a potential rival bid. While details remain sketchy, the development adds a layer of uncertainty to the situation.
While Wincanton’s board is currently recommending that shareholders accept CMA CGM’s improved offer, it has acknowledged the presence of a potential rival bidder. With 35% of Wincanton shareholders already supporting the CMA CGM offer, the French group appears to be in the lead.
However, the coming days and weeks could see further developments in this unfolding saga as GXO’s potential involvement adds a layer of intrigue to the future ownership of Wincanton, a company with a significant presence in the UK logistics sector, employing 20,000 people and serving customers such as Asda, Sainsbury’s and Waitrose.