France's CMA CGM unit raises offer for UK's Wincanton to $766 mln as rival bid looms (updated)
26/02/2024 08:11
(Adds details, background, share price)
Feb 26 (Reuters) - CEVA Logistics, a unit of French
shipping firm CMA CGM, on Monday raised its offer to buy
Wincanton WIN.L to about 604.7 million pounds ($766.2
million), hoping to fend off a rival offer for the British
logistics firm.
CEVA's offer of 480 pence-per-share in cash 6.7% higher than
its original offer of 450 pence-per-share on Jan. 19.
Wincanton's stock closed at 449 pence on Friday. They jumped
10% to 494 pence in early trade on Monday.
Wincanton said its board recommends CEVA's "increased and
final" offer but added that it was also approached by a
potential competing bidder.
However, the company said it has yet to receive a formal
proposal. It did not name the potential bidder.
Acquiring Wincanton will help cash-rich CMA CGM, privately
controlled by the Franco-Lebanese billionaire Saade family, to
add a new layer of expertise on warehousing management and
grocery and expand CEVA's offering in the UK.
Wincanton provides storage, handling and distribution
services across markets from food and consumer goods to
manufacturing, fuel and defense, operating from more than 170
sites across Britain and Ireland.
($1 = 0.7893 pounds)
(Reporting by Richard Rohan Francis in Bengaluru; Editing by
Sohini Goswami and Savio D'Souza)
((RichardRohan.Francis@thomsonreuters.com;))