GXO switches to scheme of arrangement for Wincanton acquisition at 605p/share; CMA CGM offer lapses

GXO Logistics, Inc.

GXO elected to implement its cash acquisition of Wincanton (605p/share) via a scheme of arrangement instead of a takeover offer.
CMA CGM will not raise its 480p offer or switch to a takeover; its offer will lapse, clearing path for GXO.
Wincanton shareholders representing 34.0% of shares gave irrevocable undertakings to support the GXO scheme.
Scheme expected to become effective in mid-Q2 2024; subject to court and shareholder approvals.
CMA CGM offer shareholder meetings scheduled for March 13 will be indefinitely adjourned.

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