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UK-based logistics group Wincanton is at the heart of a bidding war, with the agreed buyer increasing its offer and a third party also considering making a bid.
CMA CGM, the French shipping group, last month agreed to buy the company for 450 pence per share in a recommended offer. On Monday, it increased its offer by more than 6 per cent to 480 pence, valuing the British group's shares at £605 million.
But Wincanton also said it had “received an offer from a potential competing bidder”, without naming the company involved.
“There can be no certainty that a potential competing offer will be made for the company, nor as to the terms on which any offer may be made,” Wincanton said in a statement.
Wincanton's Board of Directors has recommended to shareholders to accept CMA CGM's enhanced offer. The French company's bidding firm, Ceva Logistics UK Rose, said on Monday it had received firm commitments to accept its offer from investors who own 16 per cent of Wincanton shares, while investors who own a further 19 per cent said they intended to accept it.
