(Alliance News) - Wincanton PLC on Tuesday said that CEVA Logistics UK Rose is not increasing its takeover offer, amid rival bids.
Wincanton shares were down 4.2% to 598.00 pence each in London on Tuesday afternoon.
On Tuesday, CEVA Logistics said it will not increase its takeover offer for Wincanton, amid a rival takeover bid.
On Friday last week, Wincanton threw its weight behind the GBP762 million bid from GXO Logistics Inc, having previously accepted a rival offer.
On Thursday, GXO announced an offer of 605 pence per share in cash for the Wiltshire, England-based company, and said two major shareholders supported its offer.
The offer from Greenwich, Connecticut-based GXO trumped by more than a quarter a previously agreed takeover offer from CEVA Logistics UK Rose, a subsidiary of Marseilles, France-based shipping and logistics company CMA CGM.
CEVA recently had increased its own offer for Wincanton to 480p per share from its original bid of 450p, which was made in January.
In its statement on Friday, Wincanton said it was pleased that the public offer process, triggered by their recommendation of CEVA's offer is "maximising value and delivering a significant premium to Wincanton shareholders".
As a result, Wincanton recommended "unanimously" the GXO offer and, withdrew its recommendation of the bid by CEVA.
By Sophie Rose, Alliance News senior reporter
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