Yet another firm is set to disappear from London’s stock market as Clipper Logistics agreed to a £943bn takeover from US rival GXO.
Leeds-headquartered Clipper, which handles orders for the likes of Asda, Asos and John Lewis, said it had agreed to the terms of the possible bid – though no formal offer has yet been made.
Takeover bid: Clipper handles orders for the likes of Asda, Asos and John Lewis
Shareholders will receive 690p in cash – a total of £707m – and £236m worth of shares in New York-listed GXO.
Investors holding 23.3 per cent of Clipper’s stock, including its executive chairman Steve Parkin, boss Tony Mannix and finance head David Hodkin, will sell their stakes.
Parkin alone will bag £139m if the bid goes ahead.
GXO’s chief-executive, Malcolm Wilson, said: ‘We can achieve significant productivity opportunities by taking advantage of technology and infrastructure overlap in the joint enterprise.’
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