Ceva offer for Wincanton lapses as board goes for GXO bid

5th Apr 2024 08:32

(Sharecast News) - Wincanton confirmed on Friday morning that Ceva Bidco's increased and final bid to acquire Wincanton had lapsed.

That had occurred under the terms outlined in the scheme document covering the cash offer made by Ceva for the entirety of Wincanton's issued and to-be-issued shares, initially published on 15 February.

Wincanton also updated on the ongoing GXO offer.

On 29 February, GXO Logistics expressed its firm intention to pursue the acquisition of Wincanton's entire issued and to be issued share capital through a cash offer, valuing each Wincanton Share at 605p in cash.

Following that, on 6 March, the boards of directors of both Wincanton and GXO affirmed their decision to proceed with the acquisition via a scheme of arrangement under the Companies Act.

The scheme document detailing the GXO offer was issued and made available to Wincanton shareholders on 14 March.

Wincanton said the expected timeline for implementing the scheme remained consistent with the outline in the scheme document, with the scheme meeting and the general meeting both scheduled for 10 April.

At 0915 BST, shares in Wincanton were flat at 601p.

Reporting by Josh White for Sharecast.com.