IN BRIEF: GXO waives UK approval condition for Clipper Logistics deal

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Clipper Logistics PLC - Leeds, England-based e-fulfilment services provider - GXO Logistics Inc waives clearance by the UK Competition & Markets Authority as a condition for its takeover offer for Clipper to complete. GXO notes that the CMA has issued an initial enforcement order to ensure that Clipper continues to be run independently from GXO until the watchdog's review of the acquisition has been completed.

Clipper Logistics agreed to the £965 million cash-and-shares takeover offer by GXO in late February. Last week, GXO received clearance from the Polish Office of Competition & Consumer Protection for the purchase. The acquisition is still dependent on at least 75% shareholder approval at an upcoming general and court meeting, and the scheme being sanctioned by the High Court of Justice in England & Wales.

Clipper Logistics current stock price: 857.00 pence versus GXO offer worth 920p

12-month change: up 20%

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