Wincanton is targeted by second possible buyer as takeover battle begins

26 February 2024 , 13:04

928     0

Logistics giant Wincanton has revealed it is being eyed by a second potential buyer (Image: No credit)

Wincanton has said that another possible buyer could spark a bidding war for the logistics giant.

The company works with well-known brands like Ikea, Primark, Waitrose and Wickes. Last month Wincanton agreed to be bought by a French shipping company called CMA CGM. They valued Wincanton at almost £567 million.

On Monday CMA CGM increased their offer to about £605 million. At the same time, Wincanton said another bidder might want to buy them. Wincanton, which is based in Wiltshire, helps its customers with their supply chains and has over 20,000 staff.

They didn't say who the second possible buyer is. They also said there hasn't been a formal proposal yet, including how much the offer might be. The board of Wincanton has suggested that shareholders accept the higher bid from CMA CGM. Shares in Wincanton went up by more than 10% on Monday after reports of a possible bidding war emerged.

Other UK companies have also attracted interest from potential buyers recently. Currys, a big electricals company, said it turned down a takeover bid worth about £700 million from Elliott Advisors, who own Waterstones, earlier this month. At the same time, Chinese retail giant JD.com was also interested in buying Currys.

'I get brand new IKEA furniture thanks to a savvy hack - anyone can do it'

In other news, car dealer Lookers was removed from the London Stock Exchange in December after being snapped up by Canadian dealership giant Global Auto Holdings in a deal worth around £500 million.

Lawrence Matheson