(Alliance News) - Wincanton PLC on Monday said it has accepted a revised, increased bid from CEVA Logistics UK Rose Ltd, as it disclosed a further approach had been received from an unnamed third party.
The new offer from CEVA, worth 480 pence per share, values Wincanton at GBP604.7 million on a fully diluted basis.
The Wiltshire, England-based logistics provider noted this represented a premium of 6.7% to CEVA's original bid of 450p per share, made in January.
CEVA is a subsidiary of CMA CGM, a shipping and logistics company based in Marseille, France.
Shares in Wincanton jumped 11% to 500.00p in London on Monday, well above the revised offer level.
Wincanton said it considers the revised bid terms to be "fair and reasonable", and unanimously recommended that shareholders accept.
Wincanton also disclosed it had received an approach from a potential competing bidder.
But the company said no formal proposal has yet been received, including terms or price.
Wincanton said the scheme of arrangement by which a bid by CEVA for Wincanton will be facilitated would be discussed at a general meeting on March 13.
By Jeremy Cutler, Alliance News reporter
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