Reports are that Clipper Logistics has reached agreement on a potential takeover by GXO which suggests a total valuation of 920p per share. The Clipper board has confirmed to GXO that in the event of a firm offer being made at this valuation that it would expect to recommend it to shareholders.
Clipper which is being advised by Numis could see its business which employs some 8000 staff across 52 sites valued at more than £1 billion. Last year it achieved sales of £696 million from its logistic services contracts for businesses including Asos, John Lewis and Asda. Founded in 1992, the business floated in 2014.
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