Wincanton drops TDG deal

TRANSPORT firm Wincanton has withdrawn its offer for rival TDG after admitting a deal was "not in the best interests of shareholders".

The logistics firm, which works for major retailers including Asda, tabled a proposal worth 228.6 million in April, bettering an offer made by investment firm Laxey Partners in February. Wincanton carried out due diligence and said last month the board of TDG agreed there was merit in exploring the combination of the businesses.