Clipper Logistics PLC (LSE:CLG) has agreed to the key terms of an offer being considered by GXO Logistics Inc that values each Clipper share at 920p.
The possible offer is to acquire each Clipper share for a combination of cash (690p per share) plus new GXO shares to the (implied) value of 230p (based on US dollar exchange rates and the recent price history of GXO shares).
Shares in Clipper closed at 777p on Friday and were up 14.4% at 889p in early deals.
GXO has received irrevocable undertakings to vote in favour of an offer in respect of 23.31% of the total Clipper shares in issue.
If it goes ahead, the acquisition would offer “a compelling strategic combination which significantly increases the opportunities for both businesses in the high-growth e-commerce/e-fulfilment areas, creating significant value for all stakeholders”, Clipper’s stock market announcement said.
GXO, which was spun off from XPO Logistics in August 2021 and listed on the New York Stock Exchange, is the largest pure-play contract logistics provider in the world. It has a market capitalisation of more than US$9bn.
The statement added the usual caveat that there is no certainty that an offer will be forthcoming and GXO reserved the right to change the indicated offer terms.