Wincanton PLC - Chippenham, UK-based supply chain logistics specialist - GXO Logistics Inc notes that the UK Secretary of State in the Cabinet Office informed it that the UK Government will not take any further action over its planned GBP753.5 million takeover of Wincanton. The agreed deal had triggered a mandatory notification to the UK Government under the UK National Security & Investment Act 2021. GXO Logistics says the acquisition still remains subject to other remaining conditions.
Earlier this month, Wincanton said shareholders voted in favour of the acquisition with near unanimous approval. It had been in the midst of a bidding war between Ceva and GXO, for an all-share takeover of the company. In January, Ceva made an offer of 450 pence per Wincanton share for the company's entire issued share capital. Following an offer of 605p per share by GXO in March, Ceva upped its bid to 480p but said it would not increase the offer price further, effectively bowing out of the race for Wincanton. Ceva is a subsidiary of Marseilles, France-based CMA CGM, while GXO is based in Greenwich, Connecticut. Both are supply chain logistics companies.
Current stock price: 604.00p, up 0.5% in London on Wednesday morning
12-month change: Multiplied from 210.50p
By Greg Rosenvinge, Alliance News senior reporter
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