FRENCH shipping giant cma CGM has increased its offer to buy Wincanton to about US$766 million in cash as the UK logistics firm catches the eye of another possible rival bidder.
The offer made through CEVA Logistics unit has been raised by some $47-$48 million against the initial bid in January which at the time represented a 52 per cent premium to Wincanton's stock price, reports Singapore's Splash 247.
The London-listed Wincanton said its board has unanimously recommended the increased and final offer. The company revealed, however, that it has been approached by an unnamed potential competing bidder but that it has yet to receive a formal proposal.
CEVA said that it had received commitments to accept its bid from investors Aberforth Partners and The Wellcome Trust holding just over 16 per cent of Wincanton's shares, while investors owning another 19.4 per cent have confirmed support for the deal.
With almost 100 years' heritage, Wincanton is active in the UK and Ireland in markets ranging from food and consumer goods to fuel and defence. The deal is expected to add more than 170 sites to CEVA, which operates nearly nine hundred contract logistics and freight warehouses and ships about 520,000 tonnes of air freight and 1.3 million TEU.
SeaNews Turkey
The offer made through CEVA Logistics unit has been raised by some $47-$48 million against the initial bid in January which at the time represented a 52 per cent premium to Wincanton's stock price, reports Singapore's Splash 247.
The London-listed Wincanton said its board has unanimously recommended the increased and final offer. The company revealed, however, that it has been approached by an unnamed potential competing bidder but that it has yet to receive a formal proposal.
CEVA said that it had received commitments to accept its bid from investors Aberforth Partners and The Wellcome Trust holding just over 16 per cent of Wincanton's shares, while investors owning another 19.4 per cent have confirmed support for the deal.
With almost 100 years' heritage, Wincanton is active in the UK and Ireland in markets ranging from food and consumer goods to fuel and defence. The deal is expected to add more than 170 sites to CEVA, which operates nearly nine hundred contract logistics and freight warehouses and ships about 520,000 tonnes of air freight and 1.3 million TEU.
SeaNews Turkey
