(Reuters) – UK’s Clipper Logistics said on Monday it has agreed to be taken over by U.S. peer GXO Logistics in a cash-and-stock deal worth $1.3 billion.
The British logistics retailer said GXO intends to offer Clipper shareholders a mix-and-match option to choose the proportions in which they receive new GXO shares and cash.
The London-listed company also said GXO’s offer implied a total value of 920 pence per Clipper share, representing a premium of 18% to its last close on Friday.
Clipper expects the deal to enable GXO to expand its customer base in the e-commerce space, and help it foray into markets in Germany and Poland.
Investment firm Sun Capital had first approached Clipper for a takeover proposal in November 2019, but the U.S. firm later in January 2020 said it didn’t intend to make an offer.
(Reporting by Sinchita Mitra in Bengaluru; editing by Uttaresh.V)
