Clipper Logistics confirms preliminary takeover approach
By Michele Maatouk
Date: Wednesday 20 Nov 2019
(Sharecast News) - Clipper Logistics confirmed on Wednesday that it has received a preliminary takeover approach from private equity firm Sun European Partners.
In a brief statement, it said: "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."
Sun European has until 18 December to either announce a firm intention to make an offer or walk away.
Sky News had reported late on Tuesday that Clipper's founder and executive chairman, Steve Parkin, was working on a bid with Sun Capital Partners. The bid was understood to value Clipper at more than £300m.
According to Sky, Parkin owns nearly a third of the shares in the company, which provides delivery services for retailers such as John Lewis and Asos.
At 1005 GMT, Clipper shares were up 21% at 293.50p.
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