Talks to acquire listed logistics business end without a deal
Discussions surrounding a possible acquisition of listed Leeds-headquartered Clipper Logistics have ended without a firm offer being made for the business.
On 20 November last year Clipper said it had received a preliminary acquisition approach from US private equity firm Sun European Partners.
Sun European Partners initially had until 18 December to either announce a firm intention to make an offer for Clipper, or instead confirm that it did not intend to make an offer. To allow further time for the talks to take place, the Board of Clipper requested the Panel on Takeovers and Mergers extend the deadline until today – January 15.
A Sun European Partners statement released this afternoon confirms: “Further to the announcements made on 20 November 2019 and 18 December 2019 by Clipper Logistics in relation to a possible offer by Sun European Partners, on behalf of Sun Capital Partners Group for the entire issued and to be issued share capital of Clipper, Sun Capital announces it does not intend to make an offer for Clipper.”
Clipper is a provider of logistics solutions, e-fulfilment and returns management services to the retail sector.
Its own statement explains: “The Board confirms that discussions regarding a possible offer took place between the parties, and the views of a number of independent Clipper shareholders were sought.
“However the Board and Sun Capital were unable to agree terms that would be recommendable to Clipper shareholders, given the medium term growth prospects of the company. Consequently, both sides agreed to terminate discussions.
“Trading remains strong, following a busy Black Friday and Christmas period. Clipper experienced its busiest Black Friday period ever, with volumes up more than 35% year on year, underpinning the Board’s expectations for the full year.”
