Clipper Logistics shares up 22% on takeover approach

Shares of Leeds-based retail logistics firm Clipper Logistics plc soared 22% on Wednesday after it confirmed in a stock exchange statement that it received a preliminary approach from Sun European Partners LLP about a potential acquisition of the firm.

Clipper Logistics has a stock market value of around £300 million and its customers include Asda, Browns and Morrisons.

“The Board of Clipper Logistics plc notes the press speculation and confirms it has received a preliminary approach from Sun European Partners, LLP in relation to the potential acquisition of the entire issued, and to be issued, share capital of the company,” said Clipper.

“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, and the dealing disclosure requirements listed below will apply. 

“The board has appointed Numis Securities Limited (“Numis”) as financial adviser.

“Rule 2.6(a) of the Code requires that Sun European Partners, LLP, by no later than 5.00 p.m. on 18 December 2019, being the 28th day following the date of this announcement, either announces a firm intention to make an offer for Clipper in accordance with Rule 2.7 of the Code or announces that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.

“This deadline will only be extended with the consent of the Takeover Panel, in accordance with Rule 2.6(c) of the Code.”

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.