Major shareholders back increased Wincanton offer as rival bid emerges

CEVA Logistics has increased its offer for logistics giant Wincanton and locked in the support of major shareholders in response to the emergence of a possible rival bid.

Wincanton has this morning revealed it has provided access to due diligence information to an unnamed company that is a “potential competing bidder”.

CEVA has upped last month’s bid by £38m to £605m for the Chippenham-headquartered company. The 480p-per-share offer is 62% higher than Wincanton’s share price the day before the takeover process began.

On Friday and Sunday CEVA also secured irrevocable undertakings from Aberforth Partners and The Wellcome Trust to vote for the deal. The two organisations have 16.16% of the company.

CEVA already had confirmed support from directors and shareholders who represent 19.42% of the shareholding.

In a statement to the stock market this morning, Wincanton said its directors “continue to recommend unanimously to Wincanton shareholders the increased and final cash offer by CEVA Logistics”.

It added: “Although the potential competing bidder has indicated that it is considering making a proposal, as of the date of this announcement, it has not provided the Board of Wincanton with any formal proposal relating to a possible offer, including as to terms or price.”

Wincanton’s approximately 20,300-strong team operates from more than 170 sites across the country, responsible for approximately 8,500 vehicles

CEVA has its UK headquarters in Ashby-de-la-Zouch and is ultimately owned by CMA CGM, a global player in sea, land, air and logistics solutions.