A Wiltshire based firm could be bought for over £750 million following a bidding war.

Wincanton, a logistics company with its headquarters at Methuen Park in Chippenham, was the subject of a £762 million bid from the US giant GXO Logistics on Thursday, February 29.

The Wincanton board had initially agreed to recommend accepting a £604.7 million offer from CEVA Logistics UK.

But after a bidding war was sparked, directors withdrew their support for the initial bid and on March 1 announced that they intended to unanimously recommend the latest offer from GXO.

The Wiltshire Gazette and Herald: Methuen House, home of Wincanton in ChippenhamMethuen House, home of Wincanton in Chippenham (Image: Trevor Porter)

Sir Martin Read CBE, chairman of Wincanton, said: "We have long been clear that Wincanton is a great business with a compelling strategy, strong customer relationships and excellent people.

“Under the current management team, we have made positive progress and ensured that Wincanton is at the forefront of logistics innovation.

“The Board of Wincanton is pleased that GXO recognises the very significant value inherent in this business and intends to recommend the offer to shareholders for their consideration."

If accepted, shareholders would receive 605 in cash for each Wincanton share.

This is significantly more than the 480 pence per share offered by CEVA.