Bosses at Britain’s last independent haulier have ditched plans to sell to a French suitor and are instead backing a takeover by the Americans.
The Wincanton board yesterday accepted a 605p-a-share offer worth £762m from Connecticut-based GXO Logistics.
Company directors had previously supported a 480p-a-share offer from French shipping group CMA CGM that valued it at £605m. But they changed horses after GXO came in with its higher offer.
Driving force: Wincanton is named after the Somerset town where it started delivering milk in 1925
Wincanton, which is named after the Somerset town where it started delivering milk in 1925 and is known for its blue-and-white trucks, is the latest London-listed company to be snapped up by foreign bidders.
Wincanton chairman Sir Martin Read said: ‘We have long been clear that Wincanton is a great business with a compelling strategy, strong customer relationships and excellent people.’
