Bosses at Britain’s last independent haulier have abandoned plans to sell to a French suitor and are instead backing an American takeover.
Wincanton’s board yesterday accepted a 605p per share offer worth £762 million from Connecticut-based GXO Logistics.
Driving force: Wincanton is named after the town of Somerset where it started supplying milk in 1925
Company executives had previously backed a 480 pence-per-share bid from French shipping group CMA CGM, which valued it at £605 million.
But they switched horses after GXO made a higher offer.
Wincanton, named after the Somerset town where it started supplying 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 excellent people.’