GXO: Mystery bidder for Clipper is revealed as US logistics giant

An American logistics giant last night outed itself as the bidder for Clipper Logistics after weekend reports that there were talks over a near-GBP1 billion deal.

In a joint statement, GXO Logistics, a multibillion-dollar delivery group based in Connecticut, confirmed that it had reached agreement over a possible GBP943 million deal to buy Clipper.

The announcement confirmed reports in The Sunday Times that a prospective buyer was circling Clipper.

The American group is completing due diligence and securing the debt financing before formalising its bid, which would come in a mix of cash and GXO shares.

It equates to 920p a share, 49 per cent above what Clipper shares were trading at on January 27, a day before the offer was tabled.

Clipper, which handles