Clipper Logistics PLC - Leeds, England-based e-fulfilment services provider - Says the High Court of Justice in England & Wales sanctioned the scheme for its takeover by Clipper by GXO Logistics Inc, leading to the cash and share offer from GXO being implemented. Says the scheme will become effective but remains conditional on the delivery of the court order to the Registrar of Companies. Expects this to take place on Tuesday next week.
Clipper says it made an application for the suspension of the listing of and dealings in its shares on the London Stock Exchange's main market. The last day of dealings will be next Monday. Notes that it also applied for the delisting of its shares from the premium listing segment of the Official List. It will take effect next Wednesday.
Clipper Logistics agreed to the GBP965 million cash-and-shares takeover offer by GXO in late February. On Wednesday, GXO Logistics Inc waived clearance by the UK Competition & Markets Authority as a condition for the takeover.
Current stock price: 838.0 pence
12-month change: up 17%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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