Founded in 1925, Wincanton is best known for its blue and white trucks on UK motorways. Photo: ZarkePix/Alamy Stock Photo < p>A bidding war has erupted over the UK's last independent carrier after the US logistics giant threatened to derail a £600m takeover by a billionaire-backed French bidder.
Wincanton, which carries groceries for Sainsbury's and Morrisons, said on Monday morning that a rival bidder had sounded out the company.
US giant GXO has since been named as a potential bidder, threatening to derail a rival bid from CMA CGM, which has already won the support of the board.
CMA CGM today increased its initial price from £765 million to £802 million to win over shareholders who were not convinced by the initial offer. This represents an increase of 6.7% from 450 to 480 pence per share.
The logistics giant is owned by French billionaire Rodolphe Saada and his family, who are worth an estimated $9.8bn (£7.7bn).
Wincanton has opened its books to allow GXO to carry out due diligence, with The involvement of the American company was first reported by Sky News. There is no certainty that GXO will put in a competing bid, although shares have since risen beyond the 480p offer price to 504p.
CMA CGM may be forced to promise more money if GXO offers a better offer.
Currently, the largest shareholders Aberforth Partners and The Wellcome Trust have supported CMA CGM's proposal. They were initially unable to offer their support at 450p, but the 480p offer appears to have convinced them.
Threadneedle, Schroders and Polar Capital backed the original deal.
CGA CGM is now has 35% of the company's shareholders, but 75% is needed to complete the takeover.
Wincanton began its business by transporting milk from farms to homes and stores in 1925.
It is currently core business includes warehouse management and transportation. commodity businesses such as Argos and Waitrose. The company is best known for its blue and white trucks on UK motorways.
Wincanton is the latest specialist UK haulage company to be listed on the stock market following the sale of Clipper Logistics and DX Group.
< p> GXO has been contacted for comment.
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