LONDON, UK: CEVA Logistics, a subsidiary of CMA CGM, has increased its cash offer for Wincanton, a UK-based logistics company, by 6.67 per cent. to 480 pence per share. The new offer values Wincanton at £604.7 million on a fully diluted basis and £802.7 million on an enterprise value basis.

The offer, which has been recommended by the board of Wincanton, represents a premium of 62 per cent. to Wincanton’s closing price on 18 January 2024, the day before the offer period began. The offer will be implemented by a scheme of arrangement under the Companies Act 2006.

CEVA Logistics said the increased offer is final and will not be raised unless a rival bidder emerges or the Panel gives its consent. The scheme document was published and made available to Wincanton shareholders on 15 February 2024.

The Increased and Final Offer Price payable to Wincanton Shareholders under the terms of the Increased and Final Offer will be financed in cash by Bidco from existing cash reserves of CMA CGM.

Morgan Stanley, in its capacity as financial adviser to CMA CGM, CEVA and Bidco, is satisfied that sufficient resources are available to Bidco to enable it to satisfy in full the cash consideration payable to Wincanton Shareholders under the terms of the Increased and Final Offer.

CEVA Logistics UK agrees to acquire Wincanton Plc for £566.9 million