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Bosses at Britain’s last independent haulier have abandoned plans to sell to a French suitor and instead back a takeover by the Americans.
Wincanton’s board yesterday accepted a 605p per share offer valued at £762m from Connecticut-based GXO Logistics.
The company’s directors had previously backed a 480p-a-share bid from French shipping group CMA CGM valuing it at £605m. But they changed horses after GXO came in with their highest offer.
Driving force: Wincanton is named after the Somerset town where it began distributing milk in 1925.
Wincanton, named after the Somerset town where it started delivering milk in 1925 and 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 company with a compelling strategy, strong customer relationships and great people.”