20th Nov 2019 10:57
(Alliance News) - Shares in Clipper Logistics PLC were sharply higher Wednesday as it confirmed it has received a takeover approach from private equity firm Sun European Partners LLP.
The retail logistics firm's shares were 20% higher in London in mind-morning trade at 290.53 pence each.
Clipper said: "The board notes the press speculation and confirms it has received a preliminary approach from Sun European Partners in relation to the potential acquisition of the entire issued, and to be issued, share capital of the company."
"There can be no certainty that an offer will be made for the company, nor as to the terms on which any offer will be made," Clipper added.
The company said it is now under an "offer period". As such, Sun European - which is the European adviser to US-based private equity fund Sun Capital Partners Inc - has until December 18 to either make a firm offer or back away from the deal.
Clipper carries out logistics for a number of UK retailers, including Boohoo Group PLC and Sports Direct International PLC, with the likes of ASOS PLC, New Look, Halfords Group PLC, WM Morrison Supermarkets PLC, and Asda already customers.
By Paul McGowan; [email protected]
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