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UK-based logistics group Wincanton is at the centre of a bidding war, with an agreed buyer increasing its offer and a third party also considering a bid.
CMA CGM, the French shipping group, last month agreed to buy the company for 450p a share in a recommended bid. On Monday, it increased its offer by more than 6 per cent to 480p, valuing the UK group’s equity at £605mn.
But Wincanton also said it had “received an approach from a potential competing bidder”, without naming the company involved.
“There can be no certainty that an offer by the potential competing bidder will be made for the company, nor as to the terms on which any offer might be made,” said Wincanton in a statement.
The Wincanton board has recommended that shareholders accept the improved CMA CGM bid. The French company’s bidding vehicle, Ceva Logistics UK Rose, said on Monday that it had received firm commitments to accept its bid from investors holding 16 per cent of Wincanton’s shares, while investors owning another 19 per cent have said they intend to accept it.
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