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.<\/p>\n
Wincanton has this morning revealed it has provided access to due diligence information to an unnamed company that is a “potential competing bidder”.<\/p>\n
CEVA has upped last month’s bid by \u00a338m to \u00a3605m 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.<\/p>\n
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.<\/p>\n
CEVA already had confirmed support from directors and shareholders who represent 19.42% of the shareholding.<\/p>\n
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”.<\/p>\n
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.”<\/p>\n
Wincanton\u2019s approximately 20,300-strong team operates from more than 170 sites across the country, responsible for approximately 8,500 vehicles<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
Global logistics group ups bid above \u00a3600m<\/p>\n","protected":false},"author":18,"featured_media":421,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,120781],"coauthors":[81],"class_list":["post-11731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-markets","tag-leicestershire","tag-top-story","tag-wiltshire"],"yoast_head":"\n