Wincanton’s directors have unanimously backed GXO’s takeover offer of £6.05 per share and have recommended shareholders vote in favour of the deal.
Accompanying an announcement that it intended to move forward with the GXO cash acquisition effected by means of a scheme of arrangement, Wincanton said that if the scheme is sanctioned then it was expected that the last day of dealings in its shares on the London Stock Exchange would be 26 April.
Wincanton’s shares would then be suspended from trading on the main market on 29 April.
Sir Martin Read, chairman of Wincanton, said: “The board has long been convinced of Wincanton’s significant inherent value and the management team has successfully reshaped the business, ensuring it is positioned at the forefront of the UK’s logistics industry.
“While remaining confident in the long-term prospects of Wincanton, the board was clear that the strong performance of the company had failed to be reflected in its share price.
“The directors therefore believed that it was in the best interests of shareholders to recommend the offer from Ceva Logistics which represented a very substantial premium to the share price.
“The board was conscious that this public recommendation would create the opportunity for other interested parties to come forward and this has led to the further maximisation of value for shareholders. GXO’s improved offer underscores the strength of Wincanton’s business and prospects.”
Malcolm Wilson, CEO of GXO Logistics, added: “Implementing our acquisition by means of a scheme of arrangement marks a significant step forward. Our offer for Wincanton reflects the value we see in both the business and its talented team as well as what we believe Wincanton can achieve as a part of GXO.
“Given our long heritage in the UK and the complementary cultures of both businesses, we are confident we will accelerate the collective growth of both companies.”
