Wincanton switches horses and backs new £762m takeover bid – but will French suitor come back?

Wincanton looks set for a £762m takeover by Clipper logistics owner GXO after bosses withdrew their backing for a rival bid and waved through a new offer to shareholders today.

In a statement today, Wincanton chiefs said they had withdrawn their support for a bid from CEVA Logistics launched in January to back the 605p per share effort from GXO.

“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,” said Sir Martin Read CBE, Chairman of Wincanton, said in a statement.

The acquisition price tabled by GXO is 26 per cent above the final offer price per share offer made by CEVA, a French multinational logistics firm owned by CMA CGM. It is also seven times Wincanton’s annual underlying earnings before interest, taxes, depreciation, and amortization (EBITDA).

All eyes will now be on CEVA and whether they might come back with another higher bid. Though the previous offer was a ‘final’ bid, CEVA have four days from yesterday to come back with a higher offer.

The takeover swoop comes amid a string of other UK-listed companies facing takeover bids this year.

Currys said it had rejected two takeover bids of £700m and £750m from Elliot Advisors, the owner of Waterstones, earlier in the month.

And two days ago it emerged Direct Line had rejected a £3.1bn proposal from its Belgian peer.

The car dealership Lookers was picked off the London Stock Exchange in December after it was snapped up by Canadian car seller giant Global Auto Holdings for £500m, following a protracted bidding war between a number of international firms.