הצהרה בנוגע להצעה אפשרית עבור Clipper Logistics plc

הצהרה בנוגע להצעה אפשרית עבור Clipper Logistics plc

לא לצורך שחרור, פרסום או הפצה בשלמותם או בחלקם, במישרין או בעקיפין, בתחום שיפוט כלשהו, מקום בו ייעשה כן יהווה הפרה של החוקים או התקנות הרלוונטיים של סמכות שיפוט זו.

זוהי הודעה הנופלת על פי כלל 2.4 של קוד העיר על השתלטויות ומיזוגים ("קוד ההשתלטות") ואינה מהווה הודעה על כוונה נחרצת להגיש הצעה לפי כלל 2.7 של קוד ההשתלטות ולא יכולה להיות ודאות כי כל הצעה מוצקה תינתן

הודעה זו מכילה מידע פנימי

גריניץ', קונטיקט ולונדון, 20 בפברואר 2022, (GLOBE NEWSWIRE) :

הדירקטוריונים של Clipper Logistics plc("קליפר") ו- GXO Logistics, Inc ("GXO") שמחים להודיע כי הם הגיעו להסכמה על תנאי המפתח של הצעת מזומנים ומניות אפשרית עבור קליפר על ידי GXO ("ההצעה האפשרית").

מועצת המנהלים של קליפר אישרה ל-GXO כי אם תוגש הצעה מוצקה בתנאים הכספיים של ההצעה האפשרית, היא צפוייה להמליץ עליה פה אחד לבעלי המניות של קליפר, בכפוף להסכמה של תנאים והתניות מקובלים אחרים.

כל הודעה של GXO על כוונה נחרצת להגיש הצעה לקליפר נותרה כפופה לשביעות רצונם או לוויתורים (על ידי GXO) ממספר תנאים מוקדמים מקובלים, לרבות, בין היתר, השלמת בדיקת נאותות מאשרת, הסכמה על התנאים המפורטים של ההצעה האפשרית וסיום הבטחת מימון החוב.

תנאי ההצעה האפשרית

ההצעה האפשרית היא לרכוש כל מניה רגילה של קליפר עבור שילוב של מזומנים ומניות GXO חדשות (שיונפקו על בסיס יחס הבורסה כהגדרתו להלן) כדלקמן:

*690 פני במזומן;ו

*מספר כזה של מניות GXO חדשות כפי שמרמז על הערכת שווי של 230 פני בהתבסס על הנפח הנגרר של GXO ב-3 חודשים משוקלל מחיר ממוצע ושער חליפין ממוצע של 3 חודשים USD/GBP ("יחס החליפין") בכל מקרה מחושב לתקופה המסתיימת בתאריך המעשי האחרון לפני כל הודעת הצעה של החברה, ("תנאי הצעה אפשריים").

בהתאם לכך, על בסיס יחס החליפין שנקבע לעיל, ההצעה האפשרית מרמזת על הערכת שווי כוללת של 920 פני למניה רגילה של קליפר.

בעלי המניות של קליפר צריכים לשים לב כי הערך הכולל של ההצעה האפשרית בנקודת ההכרזה על הצעה מוצקה עשוי להיות שונה מזה המשתמע מיחס הבורסה. לדוגמה, אם יחס החליפין ייקבע ביום הודעה זו ההצעה האפשרית, באמצעות מחיר מניית GXO בתום העסקים ב-18 בפברואר 2022, תעריך כל מניה רגילה של קליפר ב- 901 פני.

GXO מתכוונת להציע שילוב והתאמה לבעלי המניות של קליפר במסגרתו בעלי מניות קליפר יכולים לבחור, בכפוף לזמינות, כדי לשנות את הפרופורציות שבהן הם מקבלים מניות GXO חדשות ומזומנים בגין אחזקותיהם במניות קליפר.

GXO קיבלה התחייבויות בלתי חוזרות להצביע בעד הצעה (ולבחור לקבל 50% מהתמורה שלהם במניות) שנעשתה בתנאים הכספיים של ההצעה האפשרית, ממצטבר, למחזיקים של 23,889,180 מניות קליפר, המייצגות כ־23.31%. של ההון העצמי של קליפר, כולל מסטיב פרקין, יו"ר ההנהלה, טוני מניקס, מנכ"ל, ודיוויד הודקין, סמנכ"ל הכספים, בגין כל אחזקותיהם במניות קליפר.

ההתחייבויות הבלתי חוזרות נותרות מחייבות במקרה של הצעה מתחרה. פירוט מלא של ההתחייבויות הבלתי חוזרות מפורטים להלן.

שילוב אסטרטגי משכנע המגדיל באופן משמעותי את ההזדמנויות לשני העסקים בתחומי המסחר האלקטרוני/מימוש בצמיחה גבוהה, ויוצר ערך משמעותי לכל בעלי העניין:

*משפר את מעמדה של GXO כמובילה לוגיסטית מצליחה, חדשנית ובעלת הון;

*משלב הצעות שירות משלימות במיוחד, תיקי לקוחות וטביעות רגל בבריטניה ובאירופה, ומאפשר מכירה צולבת משמעותית של יכולות על פני בסיס לקוחות משולב גדול;

*מפגיש שני שותפים טבעיים עם התאמה תרבותית חזקה מאוד; GXO מחויבת להגן ולבנות על הגישה היזמית של קליפר לטובת העסקים והעובדים שלהם ובכוונתה לשמור על זכויות התעסוקה הקיימות, כולל זכויות פנסיוניות של עובדי קליפר;

*מציע הזדמנויות פרודוקטיביות משמעותיות, תוך ניצול חפיפה טכנולוגית ותשתיתית בארגון המשותף.

הטבות לבעלי המניות של GXO:

*מאפשר הצעות משופרות על ידי שילוב היכולות המשלימות של GXO עם המומחיות של קליפר, כולל מומחיות החזרות ותיקונים בטכנולוגיה שלה, המאפשר ל- GXO לחזק את ההיצע שלה ליקום מורחב של לקוחות בתחום המסחר האלקטרוני / המימוש האלקטרוני הצומח במהירות;

*מוסיף לקוחות במרחב המסחר האלקטרוני/מימוש שבו GXO יכולה למנף את הפלטפורמה הקיימת שלה כדי לגוון ולהרחיב עוד יותר את בסיס הלקוחות שלה;

*סינרגיות עלויות משמעותיות המבוססות על רכש, וחפיפה תפעולית אחרת שניתן לממש בתוך שנתיים מסגירת העסקה;

*מוסיף נוכחות גיאוגרפית בגרמניה ובפולין, כמו גם נוכחות אנכית במדעי החיים, שהם אזורי צמיחה מרכזיים;

*משפר את עמדת המנהיגות של GXO ב-ESG בהתחשב בהיצע הלוגיסטי ההפוך והכלכלה המעגלית של קליפר והיעדים הפנימיים החזקים שלה למזעור פליטות הפחמן והפסולת;

GXO* מאמינה שהמבנה של ההצעה האפשרית יאפשר ל-GXO לשמור על דירוג האשראי שלה בדירוג השקעה.

הטבות לבעלי המניות של קליפר:

*הערכת שווי אטרקטיבית ביותר, המספקת רכיב מזומנים מהותי, בתוספת הזדמנות לכל בעלי המניות של קליפר להשתתף ביתרון הפוטנציאלי העתידי המשמעותי של השילוב באמצעות בעלות על מניות GXO;

*הצעה אפשרית מייצגת פרמיה של כ:

+49% למחיר הסגירה של מניות קליפר ב-27 בינואר 2022, יום לפני ביצוע ההצעה האפשרית;

+28% למחיר מניית קליפר של 720 פני ב-10 בפברואר 2022;

+32% למחיר הממוצע המשוקלל בנפח 3 חודשים של קליפר ב -18 בפברואר 2022;

+18% למחיר מניית קליפר של 777 פני ב-18 בפברואר 2022; בהיותו יום העסקים האחרון לפני הודעה זו.

הודעה זו פורסמה על ידי Clipper Logistics plc ומכילה מידע פנימי למטרות תקנת ניצול לרעה של השוק (EU) 596/2014 ("MAR"). עם פרסום הודעה זו, מידע זה נחשב לנחלת הכלל.למטרות MARהודעה זו מתפרסמת בשם Clipper Logistics plc על ידי דיוויד הודקין, מנהל כספים ראשי.

About Clipper

Clipper, which is premium listed on the Main Market of the London Stock Exchange, is an omni-channel retail logistics specialist, which provides value-added, consultancy-led services to its blue-chip client base. Clipper is a UK leader in its areas, with a long-standing customer base in e-fulfilment, fashion and high-value logistics.

For the six months ended 31 October 2021, 68% of Clipper’s logistics revenue was generated from e-fulfilment and returns management activities and for the year ended 30 April 2021 93% of revenue within UK logistics was derived from open book or minimum volume guarantee contracts, giving the business a high level of contractual certainty.

Clipper has developed specialist services to support its customers in their ever-complex supply chains and to ensure that product is ready for sale in the most efficient and cost-effective manner. It has developed a high value-add electronic product repair capability, which Clipper complemented with the acquisition of Netherlands-based CE Repair as announced on 29 November 2021.

In addition to its presence in the UK, Clipper has an increasing presence in mainland Europe, with operations in Poland, Germany, the Republic of Ireland, the Netherlands and Belgium.

For the year ended 30 April 2021, Clipper generated revenue of £696 million, underlying EBITDA of £43 million on an IAS 17 basis and £82 million on an IFRS 16 basis, underlying EBIT of £31 million on an IAS 17 basis and £40 million on an IFRS 16 basis. As at 31 October 2021, Clipper had net debt of £11 million on an IAS 17 basis.

About GXO

GXO is the largest pure-play contract logistics provider in the world and a foremost innovator in the logistics industry. It was a spin-off from XPO Logistics, Inc in August 2021 and is now separately listed on the New York Stock Exchange with a market capitalisation of $9.3 billion as at close of business on 18 February 2022.

GXO provides high-value-add warehousing and distribution, order fulfilment, ecommerce, reverse logistics, and other supply chain services differentiated by its ability to deliver technology-enabled, customised solutions at scale. GXO’s revenue is diversified across numerous verticals and customers, including many multinational corporations.

GXO’s customers rely on it to move their goods with high efficiency through their supply chains – from the moment inbound goods arrive at its logistics sites, through fulfilment and distribution and, in an increasing number of cases, the management of returned products. GXO’s customer base includes many blue-chip leaders in sectors that demonstrate high growth or durable demand over time, with significant growth potential through customer outsourcing of logistics services.

As part of its growth strategy, GXO intends to develop additional business in consumer and other verticals where it already has deep expertise, prominent customer relationships and a strong track record of successful performance. GXO also intends to expand into new verticals by leveraging its capacity and technological strengths, and by marketing the benefits of its proprietary platform for warehouse operations. GXO uses this technology to manage advanced automation, labour productivity, safety and the complex flow of goods within sophisticated logistics environments.

For the year ended 31 December 2021, GXO generated revenue of US$7.9 billion and net income attributable to common shareholders of US$153 million. Additional information on GXO’s latest financial results can be found at https://investors.gxo.com/.

Important Takeover Code notes

There is no certainty any offer will be made even if the pre-conditions are satisfied or waived.

This announcement has been made with the consent of GXO.

In accordance with Rule 2.6(a) of the Takeover Code, GXO is required, by not later than 5.00 p.m. on 20 March 2022, to either announce a firm intention to make an offer for Clipper in accordance with Rule 2.7 of the Takeover Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Takeover Code applies. This deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Takeover Code.

GXO reserves the right to make an offer for Clipper on less favourable terms than those set out in this announcement: (i) with the agreement or recommendation of the Clipper Board; or (ii) if a third party announces a firm intention to make an offer for Clipper which, at that date, is of a value less than the value implied by the Possible Offer. GXO reserves the right to introduce other forms of consideration and/or vary the mix or composition of consideration of any offer. GXO reserves the right to implement the transaction through or together with a subsidiary of GXO or a company which will become a subsidiary of GXO. GXO reserves the right to adjust the terms of the Possible Offer to take account of the value of any dividend or other distribution which is announced, declared, made or paid by Clipper after the date of this announcement.

Enquiries

GXO Media

Matthew Schmidt, (US) +1 (203) 307 2809, matt.schmidt@gxo.com

Kat Kalinina,(UK) 07974 594 467, ekaterina.kalinina@gxo.com

Rothschild & Co (Financial adviser to GXO) 020 7280 5000

Neil Thwaites

Alexander Mitteregger

Numis (Financial adviser and Corporate Broker to Clipper), 020 7260 1000

Stuart Skinner

Stuart Ord

Kevin Cruickshank

William Wickham

Buchanan (Public Relations Advisers to Clipper), 07798 646 021, 07754 941 250

David Rydell

Stephanie Whitmore

Hannah Ratcliff

Sources and bases

In this announcement:

• the closing priceof Clipper shares on 27 January 2022, the day before the Possible Offerwas made was 617 pence;
• the Clipper 3month volume weighted average price as at 18 February 2022 is 698.58pence;
• on 18 February2022 GXO’s closing share price was US$81.21 and the USD/GBP exchange ratewas 0.7359;
• the trailing GXO3-month volume weighted average price for the period up to 18 February2022 is US$87.42 and the trailing 3-month average USD/GBP exchange rate is0.7436;
• Clipper’sunderlying EBITDA of £82 million on an IFRS 16 basis for the year ended 30April 2021 is calculated as underlying EBIT of £40 million plusdepreciation of property, plant and equipment of £5 million plusdepreciation of right-of use-assets of £36 million plus amortisation andimpairment of computer software of £1 million (all on an IFRS 16 basis).

The trailing GXO 3-month volume weighted average price and the trailing 3-month average USD/GBP exchange rate used to determine the Exchange Ratio will be derived from Bloomberg based on the period of 3 calendar months up to the last practicable date prior to any firm offer announcement.

Important notice related to financial advisers

N.M. Rothschild & Sons Limited ("Rothschild & Co"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for GXO and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than GXO for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.

Numis Securities Limited ("Numis"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as Financial Adviser exclusively for Clipper and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Clipper for providing the protections afforded to clients of Numis, nor for providing advice in relation to any matter referred to herein.

Disclosure requirements of the Code

Under Rule 8.3(a) of the Takeover Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Takeover Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel’s website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel’s Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position disclosure or a dealing disclosure.

Rule 26.1 disclosure

In accordance with Rule 26.1 of the Takeover Code, a copy of this announcement will be available (subject to certain restrictions relating to persons resident in restricted jurisdictions) at www.clippergroup.co.uk by no later than 12 noon (London time) on the business day following the date of this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

In accordance with Rule 26.1 of the Takeover Code, a copy of this announcement will be available (subject to certain restrictions relating to persons resident in restricted jurisdictions) at www.GXO.com by no later than 12 noon (London time) on the business day following the date of this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

Rule 2.9 information

In accordance with Rule 2.9 of the Takeover Code, as at the close of business on 18 February Clipper’s issued share capital consisted of 102,463,083 ordinary shares of 0.05 pence each (and Clipper does not hold any shares in treasury). The International Securities Identification Number for Clipper’s ordinary shares is GB00BMMV6B79.

Additional Information

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise. Any offer, if made, will be made solely by certain offer documentation which will contain the full terms and conditions of any offer, including details of how it may be accepted. The distribution of this announcement in jurisdictions other than the United Kingdom and the availability of any offer to shareholders of Clipper who are not resident in the United Kingdom may be affected by the laws of relevant jurisdictions. Therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom or shareholders of Clipper who are not resident in the United Kingdom will need to inform themselves about, and observe any applicable requirements.

Notice to US Clipper Shareholders

In accordance with normal UK practice and pursuant to Rule 14e-5(b) of the US Exchange Act, Offeror or its nominees, or its brokers (acting as agents), may from time to time make certain purchases of, or arrangements to purchase, Offeree Shares outside the United States, other than pursuant to the Offer, before or during the period in which the Offer, if made, remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be disclosed as required in the United Kingdom, will be reported to a Regulatory Information Service and will be available on the London Stock Exchange website, www.londonstockexchange.com.

This announcement is not an offer of securities for sale in the United States. No offer of securities shall be made in the United States absent registration under the U.S. Securities Act of 1933, as amended the "'Securities Act"), or pursuant to an exemption from, or in a transaction not subject to, such registration requirements. Any securities issued as part of a transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the Securities Act. Any transaction will be made solely by means of a scheme document published by Clipper, or (if applicable) pursuant to an offer document to be published by GXO, which (as applicable) would contain the full terms and conditions of the transaction. Any decision in respect of, or other response to, the transaction, should be made only on the basis of the information contained in such document(s). If GXO ultimately seeks to implement the transaction by way of a takeover offer, that offer will be made in compliance with applicable US laws and regulations.

Details of irrevocable undertakings

The following Clipper shareholders have given irrevocable undertakings to GXO to (i) vote in favour of the Possible Offer at any court meeting (or, in the event that the Possible Offer is implemented by way of a takeover offer rather than a scheme of arrangement, accept the takeover offer); and (ii) elect to receive 50 per cent. of their consideration in new GXO shares, in relation to the following Clipper shares:

The obligations of the relevant Clipper Shareholders under the irrevocable undertakings shall remain binding in the event of a competing offer for Clipper and shall only cease to be binding if:

• an announcement byGXO of a firm intention to make an offer for Clipper is not released by 7a.m. on 15 April 2022 or such later date as GXO and Clipper may agree;
• GXO announces thatit does not intend to make or proceed with the Possible Offer and no new,revised or replacement offer is announced in accordance with Rule 2.7 ofthe Code at the same time;
• if the PossibleOffer lapses or is withdrawn and no new, revised or replacement offer hasbeen announced, in accordance with Rule 2.7 of the Code, in its place oris announced, in accordance with Rule 2.7 of the Code, at the same time;or
• any competingoffer for the entire issued and to be issue share capital of Clipperbecomes or is declared wholly unconditional or, if proceeding by way of ascheme of arrangement, becomes effective.

The irrevocable undertakings shall apply to:

• the Possible Offeronly if it is made (i) on the Possible Offer Terms; (ii) with therecommendation of the board of directors of Clipper; or (iii) as otherwiseagreed in writing; and
• any new,increased, renewed or revised firm offer (under Rule 2.7 of the Code) madeby GXO provided that its terms are: (i) in the reasonable opinion ofClipper’s financial adviser, at least as favourable to Clipper’sshareholders as the Possible Offer Terms and/or the terms described in theannouncement by GXO of a firm intention to make an offer for Clipper (asapplicable); or (ii) recommended by the board of directors of Clipper.

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