French carrier CMA CGM has decided to drop its bid for British logistics firm Wincanton amid a rival takeover bid.
On Tuesday, CMA CGM’s CEVA Logistics said it would not increase its takeover offer after being outdone by US-based warehousing firm GXO Logistics.
Last week, bongdaso ìno owner of Clipper Logistics logged a bid under which shareholders would get 605 pence in cash for each Wincanton share held – up by more than a quarter from CEVA Logistics’ at-bongdaso ìno-time improved offer of 480 pence per share.
bongdaso ìno same week, bongdaso ìno London-listed Wincanton threw its weight behind bongdaso ìno 5m bid from GXO, having previously accepted CEVA’s offer.
bongdaso ìno Rodolphe Saadé-led liner, which recently completed bongdaso ìno .25bn acquisition of Bolloré Logistics, made its first move on Wincanton on January 19 at 450 pence or a 52% premium to bongdaso ìno company’s stock price bongdaso ìno day before bongdaso ìno offer, while XGO’s bid was at a 104% premium to Wincanton’s closing share price on that day.
bongdaso ìno acquisition of Wincanton would have signified notable growth in CMA CGM’s logistics operations, reflecting bongdaso ìno company’s overarching plan to increase its market share in bongdaso ìno logistics industry, especially in bongdaso ìno UK
CMA CGM had until close of business tomorrow to counter GXO but instead said it would allow its offer for Wincanton to lapse – most likely setting bongdaso ìno stage for bongdaso ìno rival to close bongdaso ìno deal.
“As a global leader, CMA CGM will continue deploying its growth roadmap, leveraging its clear business strategy and very robust balance sheet, while always maintaining a clear focus on value creation with financial discipline in any acquisition,” bongdaso ìno company said in a statement.
Source:https://splash247.com/cma-cgm-drops-wincanton-pursuit/
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