15th Jan 2020 13:07
(Alliance News) - Clipper Logistics PLC on Wednesday confirmed that merger discussions with Sun Capital Partners Group VII LLC had been terminated.
Private equity firm Sun Capital Partners earlier on Wednesday released a statement saying it does not intend to make a offer for the retail logistics firm.
In November, Clipper said it had received a takeover approach from Sun European Partners LLP on behalf of Sun Capital. However, both companies were unable to agree terms recommendable to Clipper shareholders, resulting in discussions being terminated.
Clipper also on Wednesday said that trading remained strong following its busiest Black Friday period with volumes up more than 35% year-on-year.
Shares in Clipper Logistics were 5.5% lower at 276.00 pence per share.
By Anna Farley and Ife Taiwo
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