{"id":3856,"date":"2024-03-04T10:44:53","date_gmt":"2024-03-04T10:44:53","guid":{"rendered":"https:\/\/camcab.co.uk\/wincanton-backs-762m-takeover-from-gxo\/"},"modified":"2024-03-04T10:44:53","modified_gmt":"2024-03-04T10:44:53","slug":"wincanton-backs-762m-takeover-from-gxo","status":"publish","type":"post","link":"https:\/\/camcab.co.uk\/wincanton-backs-762m-takeover-from-gxo\/","title":{"rendered":"Wincanton backs \u00a3762m takeover from GXO"},"content":{"rendered":"

Wincanton backs \u00a3762m takeover offer from GXO amid bidding war<\/strong><\/p>\n

Bosses at logistics giant Wincanton have agreed to the latest takeover offer from a US suitor following a battle to buy the firm.<\/p>\n

On Thursday, GXO Logistics \u2013 a US-based logistics group \u2013 revealed it had made a 605p-a-share cash offer for Wiltshire-headquartered Wincanton, valuing it at around \u00a3762 million.<\/p>\n

Wincanton\u2019s directors had previously agreed to a bid by Ceva Logistics \u2013 part of French shipping specialist CMA CGM \u2013 which valued Wincanton at \u00a3605 million.<\/p>\n

However, on Friday, the firm said it would withdraw its backing from the deal and support the larger bid from GXO.<\/p>\n

The offer represents a 104% premium on the price of shares in January, before takeover interest in the firm was first raised.<\/p>\n

Under the current management team, we have made positive progress and ensured that Wincanton is at the forefront of logistics innovationSir Martin Read<\/p>\n

Sir Martin Read, chairman at Wincanton, said: \u201cWe have long been clear that Wincanton is a great business with a compelling strategy, strong customer relationships and excellent people.<\/p>\n

\u201cUnder the current management team, we have made positive progress and ensured that Wincanton is at the forefront of logistics innovation.<\/p>\n

\u201cThe board of Wincanton is pleased that GXO recognises the very significant value inherent in this business and intends to recommend the offer to shareholders for their consideration.\u201d<\/p>\n

GXO specialises in using automation technology to help its customers manage their supply chains and bought Leeds-based rival Clipper in a \u00a3965 million deal in 2022.<\/p>\n

Wincanton has more than 20,000 staff and also manages elements of its customers\u2019 supply chains, working with brands from IKEA and Primark to Waitrose and Wickes.<\/p>\n

GXO said on Thursday there would likely be some impact on support staff if its \u201csuperior\u201d bid is successful amid plans to overhaul administrative functions, but said this would likely affect 0.2% of the 150,000 combined workforce, or around 300 jobs.<\/p>\n

It added: \u201cWhile synergies are expected from combining support functions, GXO expects overall headcount will increase long term as part of ongoing efforts to grow its UK operations.\u201d<\/p>\n

It expects to be able to strip out around \u00a350 million in \u201csynergies\u201d by the third year after the deal.<\/p>\n

Transport & Logistics<\/a>\u00a0\u2013 Driving The Industry Forward<\/p>\n

The post Wincanton backs \u00a3762m takeover from GXO<\/a> appeared first on Transport & Logistics Magazine<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Wincanton backs \u00a3762m takeover offer from GXO amid bidding war Bosses at logistics giant Wincanton have agreed to the latest takeover offer from a US suitor following a battle to buy the firm. On Thursday, GXO Logistics \u2013 a US-based logistics group \u2013 revealed it had made a 605p-a-share cash offer for Wiltshire-headquartered Wincanton, valuing it at around \u00a3762 million.…<\/p>\n","protected":false},"author":0,"featured_media":1439,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60],"tags":[],"class_list":["post-3856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-camcab"],"_links":{"self":[{"href":"https:\/\/camcab.co.uk\/wp-json\/wp\/v2\/posts\/3856"}],"collection":[{"href":"https:\/\/camcab.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/camcab.co.uk\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/camcab.co.uk\/wp-json\/wp\/v2\/comments?post=3856"}],"version-history":[{"count":0,"href":"https:\/\/camcab.co.uk\/wp-json\/wp\/v2\/posts\/3856\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/camcab.co.uk\/wp-json\/wp\/v2\/media\/1439"}],"wp:attachment":[{"href":"https:\/\/camcab.co.uk\/wp-json\/wp\/v2\/media?parent=3856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/camcab.co.uk\/wp-json\/wp\/v2\/categories?post=3856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/camcab.co.uk\/wp-json\/wp\/v2\/tags?post=3856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}