Potential acquisition bid for listed logistics company
Leeds-headquartered Clipper Logistics said it has received a preliminary acquisition approach from US private equity firm Sun European Partners.
However, the business has not confirmed press reports that Sun European Partners is working with Clipper Logistics’ own founder – Steve Parkin – who is currently the business’s executive chairman.
In a “response to press speculation” statement, a spokesman for Clipper Logistics today confirmed the private equity firm approach but also said: “There can be no certainty that an offer will be made for the company, nor as to the terms on which any offer will be made.
“Following this announcement, the company is now considered to be in an ‘offer period’ as defined in the code. The Board has appointed Numis Securities Limited as financial adviser.”
Sun European Partners now has until 5pm on 18 December 2019 to either announce a firm intention to make an offer for Clipper, or instead confirm it does not intend to make an offer.
Clipper is a provider of logistics solutions, e-fulfilment and returns management services to the retail sector.
Sky News has reported that Parkin, who founded Clipper in 1992 and floated the company on the London stock market five years ago, is working with Sun European Partners on a £300m takeover bid.
The same report notes Parkin owns almost a third of Clipper’s shares, and that the company’s independent non-executive directors are forming a committee to oversee a formal offer from Parkin and Sun European Partners.
