Shares of Wincanton PLC (LSE:WIN, OTC:WNCNF) surged 11% in early trading amid what appears to be a bidding war for the logistics group.
Last month, CMA CGM, a French shipping giant, agreed to purchase Wincanton for 450p. On Monday it upped its offer by 30p a share to value the trucking group at £605 million, in what looks like a pre-emptive attempt to stave off outside interest.
Wincanton, however, has revealed interest from another potential buyer. That said, the approach appears to be at a very preliminary stage and directors of the UK transport group are still backing the CMA deal.
At 9.08 am, Wincanton shares were up 50p at 499p.