Ceva Logistics has formally given up on its plan to acquire the UK’s Wincanton.
The CMA CGM subsidiary upped its all-cash offer last month to an enterprise value of £802.7m ($1.01bn) after GXO expressed interest in the business. But Wincanton’s board last week recommended shareholders accept GXO’s £6.05 per share – giving it an enterprise value of £960m.
Ceva’s improved bid did allow it to make a counter offer by close of …
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