The battle to buy Wincanton has ramped up after GXO Logistics threw its hat in the ring with an offer worth more than £760m.

It said it had tabled a 605p-per-share offer for the business, which values it at £762m, or £764m including debts.

GXO said the acquisition price represented a premium of around 26% to the 480p-per-share offer made by Ceva Logistics on 26 February and 104% more than Wincanton’s share price of 297p on 18 January.

The GXO board said the “highly synergistic” purchase would advance its position as a global pure play contract logistics leader by expanding its presence in a key market, enhancing its capabilities and drive long-term shareholder value.

Malcolm Wilson, GXO chief executive, said: “Wincanton is a world class business, and we have long been impressed by their high-quality people and diverse customer relationships across key industries.

“The combination of GXO’s technological capabilities and global reach with Wincanton’s proven expertise in the UK and Ireland markets will enhance our offering for the benefit of both companies’ current and future customers.

“Our superior offer reflects our conviction in the value of this business and the opportunities the combined company will realise.

“GXO has a long heritage in the UK and a demonstrated track record of seamlessly integrating businesses in this market. We’re proud that our operations support the growth of UK companies, create high value jobs, and enhance the communities where we operate.”

He added: “As a focused, pure play logistics leader, we are committed to investing in superior, differentiated logistics solutions, and we are confident that this combination will generate significant value for our shareholders, customers, and employees alike.”

Earlier this week, Wincanton announced Ceva Logistics had upped its offer but that it would “carefully” consider the terms of GXO’s proposal; however, it added that its board remained “unanimous” in recommending the Ceva deal.