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Logistics group Wincanton has received a higher takeover offer from French multinational CEVA Logistics after a final-hour approach from a potential competing bidder.

CEVA has upped last month’s £567m bid by £38m to £605m in response to the potential new offer.

Wincanton revealed this morning that it is providing access to due diligence informantion to an unnamed potential competing bidder.

“Although the potential competing bidder has indicated that it is considering making a proposal, as of the date of this announcement, it has not provided the board of Wincanton with any formal proposal relating to a possible offer, including as to terms or price,” the group said in a statement to the London Stock Exchange.

“If any such proposal is provided by the potential competing bidder, the board of Wincanton will carefully consider its terms, in conjunction with its advisers.”

Wincanton advised shareholders to take no action in response to the potential bid and continued to unanimously recommend the increased and final cash offer by CEVA.

Shares in Wincanton soared a further 11% this morning to 499p - slightly higher than the new CEVA bid price of 480p per share.

The new increased offer from CEVA is at a 62% premium on the 297p closing price of Wincnanton’s shares on 18 January before the takeover attempt emerged.

Morning update

Agricultural suppliers group Wynnstay has revealed this morning that its CEO Gareth Davis has requested a leave of absence from the company to focus on “a serious family matter”.

The group granted the request and his period of leave started with immediate effect.

Chairman Steve Ellwood is stepping up as executive chairman and finance director Rob Thomas will take on additional responsibilities, supported by the senior management team.

“The board is fully supportive of Gareth’s request for a leave of absence in order to concentrate on a serious family matter,” Ellwood said.

“Wynnstay has a strong senior management team in place, which alongside the additional steps we have taken, will ensure that Gareth’s period of leave is fully covered. We look forward to his return to the business in due course.”

The FTSE 100 opened flat this morning at 7,706.35pts.

Shares in Wynnstay fell 3.3% to 372.3p on news of the CEO taking a leave of absence.

Ocado has plunged 3.7% to 508.8p as investors anticipated disappointment in this week’s annual results.

Risers so far included Nichols, up 5.3% to 1,025.1p, McBride, up 4.8% to 73.8p and Naked Wines, up 2.5% to 63.7p.

This week in the City

The big news of the week as far as grocery is concerned comes on Thursday in the form of the full-year results from Ocado.

The latest Kantar grocery market share data and food inflation figures from BRC-NielsenIQ are due out tomorrow morning.

Reckitt Benckiser follows other global consumer packaged goods group to report annual figures on Wednesday, with just Eat Takeaway also publishing full-year results.

Brewing giant AB InBev and consumer health giant Haleon both report their full-year numbers on Thursday.