GXO completes Clipper Logistics acquisition following court approval

(Alliance News) - Clipper Logistics PLC on Tuesday said the acquisition by GXO Logistics Inc is complete, following the sanction of the scheme by the High Court of Justice in England & Wales on Friday.

Clipper shareholders on the register of Clipper at the scheme record time "will receive 0.0359 new GXO Shares and 690 pence in cash subject to valid mix and match elections made pursuant to the mix and match facility," Clipper said, adding that the scheme record time was Monday.

New GXO shares have been approved for listing on the New York Stock Exchange, taking effect on Friday.

Clipper has applied to the Financial Conduct Authority and the London Stock Exchange to de-list its shares from the premium listing segment. Clipper shares will stop trading on LSE's main market for listed securities on Wednesday, the Leeds, England-based e-fulfilment services provider said.

Clipper Logistics agreed to the GBP965 million cash-and-shares takeover offer by GXO in late February.

Clipper Logistics shares are suspended from trading in London.

By Tom Budszus; tombudszus@alliancenews.com

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