GXO’s £960m bid for Wincanton has been given a clear run after Ceva Logistics confirmed it is pulling out of the bidding race, writes Chris Tindall.
Ceva Logistics had until close of business on 6 March to raise its £802.7m bid for Wincanton, after GXO’s rival offer of £960m was unanimously recommended to shareholders by Wincanton’s board earlier this week.
However, this morning Ceva Logistics, which is a subsidiary of French shipping giant CMA CGM, announced it would not be making an improved offer for Wincanton.
Ceva Logistics’ withdrawal from the bidding war for Wincanton clears the way for GXO to secure its purchase of the UK haulier.
