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The Guardian - UK

Business

Julia Kollewe

Wincanton backs £762m takeover offer from US group GXO

Wincanton GXO United States United Kingdom Asda Sainsbury Waitrose CEVA Currys

Wincanton Avanti Gas road tanker — Wincanton has had a contract with LPG supplier AvantiGas. Photograph: ZarkePix/Alamy

Bosses at the UK haulage company Wincanton have thrown their support behind a £762m takeover offer from the US logistics business GXO and dropped their backing for a rival bid.

Wincanton said on Friday that directors intended to recommend unanimously an offer of 605p a share made by GXO on Thursday. In the latest twist in the takeover battle, the Wincanton board withdrew their backing for an “increased and final cash offer” from Marseille-based CEVA Logistics at 480p a share, announced earlier this week.

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