(Alliance News) - Clipper Logistics on Monday said it has agreed to be acquired by Connecticut, US-based warehousing and distribution company GXO Logistics Inc for GBP941 million in cash and shares.
The offer values Clipper shares at 920 pence each. The stock was up 14% at 885.00p on Monday morning in London following the announcement.
The Leeds, England-based e-fulfilment services company said the offer was to acquire Clipper shares for a combination of cash and new GXO shares.
The company said its board was "minded to recommend [the offer] unanimously" to Clipper shareholders should a firm offer be made on the same financial terms as the potential offer.
The offer comprises 690p per Clipper share in cash, plus new GXO shares valued at 230p.
The total offer value of 920p per Clipper share represents a 18% premium to the company's closing price of 777p on Friday.
Clipper explained that the takeover would combine the two companies' offerings, portfolios and footprints, enabling "significant" productivity opportunities.
By Heather Rydings; heatherrydings@alliancenews.com
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