(Alliance News) - Wincanton PLC on Friday said that the period for an increased takeover offer from Ceva Logistics UK Rose Ltd had passed, leaving the company open for an acquisition by GXO Logistics Inc in a GBP750 million deal.
Wincanton PLC is a Chippenham, UK-based supply chain logistics specialist, with a market capitalisation of around GBP748.5 million.
Wincanton has been in the midst of a bidding war between Ceva and GXO, for an all-share takeover of the company.
Ceva is a subsidiary of Marseilles, France-based CMA CGM, while GXO is based in Greenwich, Connecticut. Both are supply chain logistics companies.
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.
Wincanton urged shareholders to accept the offer by GXO, which represents an enterprise value of roughly GBP753.5 million.
On Thursday, the period during which Ceva could propose an increased offer price lapsed.
As a result, Wincanton has again urged shareholders to accept the GXO offer at a general meeting to be held on April 10.
Shares in Wincanton were flat at 601.00 pence each in London on Friday morning.
By Hugh Cameron, Alliance News reporter
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