Clipper Logistics reaches agreement on terms of takeover offer
The board of UK warehousing firm Clipper Logistics has reached agreement on the terms of a possible cash and share offer for the business by its US rival GXO.
The company, which has Asda, John Lewis, Marks & Spencer and Morrisons as customers, has said it is minded to recommend unanimously the offer of 690p in cash and the issue of 230p in new GXO stock for each Clipper share.
In a statement, Clipper said any announcement by GXO of a firm intention to make an offer for Clipper remains subject to the satisfaction or waiver by GXO of a number of customary pre-conditions.
With the deal being worth up to £940 million, Clipper said it would create “a compelling strategic combination which significantly increases the opportunities for both businesses in the high-growth ecommerce/e-fulfilment areas, creating significant value for all stakeholders” if it goes ahead.
In the year ended 30 April 2021, Clipper generated revenue of £696 million and underlying EBITDA of £43 million.
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