Wincanton PLC (LSE:WIN, OTC:WNCNF) has confirmed US logistics group GXO as an interested party in a potential bidding war for the London-listed trucking company.
Shares in Wincanton continued to surge higher on Monday as news of a second potential buyer for the logistics company emerged.
French group CEVA first approached Wincanton with a £567 million knock-out takeover bid on 19 January, before upping the stakes to £605 million today.
“There can be no certainty that an offer by GXO will be made for the company, nor as to the terms on which any offer might be made. Accordingly, shareholders are advised to take no action at this time with regard to the approach by GXO,” said Wincanton in a regulatory filing with the London Stock Exchange.
Wincanton’s directors said they “continue to recommend unanimously to Wincanton shareholders the increased and final cash offer by CEVA Logistics UK Rose Limited” as announced earlier this morning.
GXO will soon receive a deadline from the takeover Panel to clarify its position on Wincanton.
Wincanton shares were up 11.6% to 501p as of 2.30pm.