GXO Logistics offers $965 mln for UK's Wincanton, outbidding CEVA Logistics (updated)
29/02/2024 08:59
(Adds shares and detail throughout)
Feb 29 (Reuters) - U.S.-based warehousing firm GXO
Logistics GXO.N on Thursday offered to buy UK peer Wincanton
WIN.L for about 762 million pounds ($965 million), topping an
offer by CEVA Logistics.
GXO's offer of 605 pence per Wincanton share is about 26%
higher than CEVA Logistics' offer of 480 pence per share.
Wincanton's shares jumped as much as 18.8% to a record high
of 605 pence.
CEVA Logistics, a unit of French shipping firm CMA CGM,
first made a 450-pence-per-share bid for Wincanton, before
upping its offer earlier this week.
Wincanton, which had recommended CEVA's "increased and
final" offer on Monday, did not immediately respond to a Reuters
request for comment.
($1 = 0.7896 pounds)
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Savio
D'Souza)
((Yadarisa.Shabong@thomsonreuters.com; +91 9742735150;))