// Clipper Logistics has planned to accept a potential cash-and-share takeover from New York-listed GXO Logistics
// Clipper Logistics’ customers include John Lewis, Marks & Spencer, Morrisons and Asda
Clipper Logistics, which processes orders from Asda, Asos and John Lewis, has agreed a possible takeover deal worth up to £940 million with a New York rival, in the latest sign of the boom in online delivery.
The board of Clipper Logistics, headquartered in Leeds, unanimously recommended the possible takeover offer by New York-listed GXO Logistics of 690p a share plus shares in the Connecticut-based company worth up to 230p for each Clipper share.
GXO has not yet made a firm offer but, in the statement, Clipper’s board confirmed that it would accept an offer on those terms.
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Clipper’s shares jumped by 14% on Monday morning to 887p, near their record high of 910p.
Warehouses have become a huge growth business in the past decade, and particularly amid the coronavirus pandemic when the shift to online shopping accelerated even faster as more shoppers headed online during multiple nationwide lockdowns.
Clipper is mainly focused on clothing, with retailers outsourcing their online deliveries to the company, which manages stock and picks and packages clothes in its warehouses. It also handles clothing returns, an important and costly issue for fashion retailers.