Shareholders will receive 450 pence per share in cash, representing a premium of approximately 52% to the closing share price on Thursday 18 January. Ceva Logistics views this acquisition as a strategic move, providing an attractive growth opportunity and a unique chance to expand its offering in the UK. The deal is also seen as an opportunity to acquire complementary expertise in the grocery and consumer sectors.
Mathieu Friedberg, Chief Executive of Ceva, is optimistic about the collaboration: “In addition to the innovative logistics solutions we could develop and offer together, we would be best placed to address even more supply chain challenges for our combined UK customer base.
Wincanton’s Chairman, Martin Read, commented positively on the acquisition, highlighting it as a testament to the strength of the business, its strategic approach, customer relationships and talented people. He recognised CMA CGM as a highly experienced operator in the industry and sees Wincanton’s integration into this larger business as an opportunity to capitalise on significant growth prospects.
“While we remain confident in the long-term prospects of Wincanton and the wider sector, we recognise that the strong performance of the company has not been reflected in the performance of its shares in recent years. We, therefore, believe this offer represents the best opportunity for shareholders to realise the value of their investment with greater certainty,” said Read.
The Wincanton Board expressed confidence in the long-term prospects of the business as an independent listed company. However, given the near-term macro-economic uncertainty, the Board recognised the attractiveness of the offer to Wincanton shareholders. In unanimously recommending the Offer to shareholders, the Directors believe that it is in the best interests of all the Company’s stakeholders.
The acquisition is subject to the approval of the merger control authorities.
Photo credits @ flickr/EDDIE – under CC BY-ND 2.0 DEED