Wincanton’s directors are to unanimously recommend the offer made by GXO to acquire the Wincanton business for an offer price of 605p per Wincanton share. This values the Wincanton business at c.£762m on a fully diluted business and at an enterprise value of c.£960m. CEVA, which had initially fielded a lower offer, chose not to increase it.
Sir Martin Read CBE, chairman, Wincanton said: “We have long been clear that Wincanton is a great business with a compelling strategy, strong customer relationships and excellent people. Under the current management team, we have made positive progress and ensured that Wincanton is at the forefront of logistics innovation. The Board of Wincanton is pleased that GXO recognises the very significant value inherent in this business and intends to recommend the offer to shareholders for their consideration.”
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