Clipper Logistics shareholders vote in favour of £965m GXO takeover bid
Clipper Logistics shareholders have voted overwhelmingly in favour of the £965m proposed acquisition by GXO Logistics.
The sale was revealed in February this year, when both parties announced that they had reached agreement on the terms and conditions of a recommended cash and share offer to be made by GXO for the entire share capital of Clipper.
The deal has now been put to shareholders, with just over 92% voting in favour of the move.
The acquisition has yet to meet the approval of the Competition and Markets Authority in the UK and the Office of Competition and Consumer Protection in Poland, the company said this week.
Read more
- Clipper Logistics agrees £965m takeover by GXO and recommends deal to shareholders
- Volta Trucks partners with Clipper Logistics on scheme to cut emissions in central London
- Clipper Logistics revenues boosted by contract wins and growth of e-commerce
However Clipper Logistics and GXO made clear that an objection from either authority is unlikely, stating that they “remain confident completion will occur in the summer of 2022”.
The proposed acquisition was described by both parties, when first revealed in February, as “a compelling strategic combination which significantly increases the opportunities for both businesses in the high growth e-commerce/e-fulfilment area” and which would “enhance GXO’s position as a successful, well-capitalised pure-play logistics leader and added to its geographic presence in Germany and Poland”.
GXO has also pledged to protect and build on “Clipper’s entrepreneurial approach for the benefit of both businesses and their employees”.
The post Clipper Logistics shareholders vote in favour of £965m GXO takeover bid appeared first on Motor Transport.