Government gives green light for £726m takeover to go ahead
The government has given the clearance for one of the biggest deals in the South West to go ahead.
Wiltshire based logistics firm Wincanton are the subject of a £726m takeover bid by US giant GXO.
In February GXO announced its firm intention to make a cash offer to acquire the entire issued and to be issued share capital of Wincanton for an offer price of 605 pence in cash per Wincanton Share.
The offer came at end of a bidding war for the business that involved rival bidder CEVA who was looking to but the listed firm for £567m.
At the start of March the board of Wincanton announced the directors’ intention to recommend the GXO offer to shareholders in the business..
The boards of directors of Wincanton and GXO then announced that GXO had elected, with the consent of Wincanton and the Panel, to implement the acquisition by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act.
The scheme document in respect of the acquisition was published and made available to Wincanton shareholders just over a month ago.
The acquisition triggered a mandatory notification to the UK Government under the UK National Security and Investment Act 2021.
GXO has now announced that the Secretary of State in the Cabinet Office informed GXO on 23 April that the UK Government will not take any further action in relation to the acquisition under the act.
Chippenham-based Wincanton, the last UK-listed logistics company, employs 20,000 people across the UK, and transports goods around the country for customers such as Asda, Sainsbury’s and Waitrose.
