£965m takeover bid for Clipper Logistics secures shareholder approval
Clipper Logistics shareholders have voted in favour of the proposed takeover of the Leeds-headquartered business by GXO Logistics.
At a Clipper shareholder vote yesterday, over 92% of shareholders were in favour of the deal.
The takeover, which is being conducted via “a court-sanctioned scheme of arrangement under Part 26 of the Companies Act”, will now go ahead if it is cleared by competition authorities.
Clipper and New York-listed GXO say they “remain confident completion will occur in the summer of 2022”. Once this takes place, Clipper Logistics will be delisted from the London Stock Exchange.
The deal is worth £965m ($1.26bn), and has been described has been described as a “compelling strategic combination which significantly increases the opportunities for both businesses.”
GXO has stated: “GXO is committed to protecting and building on Clipper’s entrepreneurial approach for the benefit of both businesses and their employees.
“While synergies are expected from combining operations and support functions as well as functional support areas, GXO expects overall headcount will increase long-term, as part of ongoing efforts to grow its UK operations.”
Last December, Clipper reported that it was trading well with half year revenue up by 33.1% to £406.1m thanks to high-profile customer contract wins, organic growth in e-commerce and a robust rebound in activities in non e-fulfilment.
