Clipper Logistics agrees to £943m takeover by US rival GXO

21st Feb 2022 08:25

(Sharecast News) - Clipper Logistics has agreed to be taken over by US rival GXO in a £943m deal.

The retail logistics specialist said on Monday that it had agreed the terms of a bid, although no formal offer has been made.

The possible offer would be at 690p in cash plus 230p of new GXO stock for each Clipper share. This represents a premium of 32% to the three-month volume-weighted average price on 18 February and a 49% premium to the closing Clipper share price on 27 January, which was the day before the possible offer was made.

GXO put out a statement on Sunday about the possible bid, in which it said a deal would bring together "two natural partners with a very strong cultural fit".

"GXO is committed to protect and build on Clipper's entrepreneurial approach for the benefit of both businesses and their employees and intends to safeguard the existing employment rights, including pension rights of Clipper employees," it said.

At 0820 GMT, Clipper shares were up 14% at 884p.