Forth Ports rejects shareholder buy-out
Consortium makes two bids, but fails to offer enough cash
Forth Ports has rejected two takeover bids from a shareholder consortium consisting of Peel Ports, AEIF General Partner and RREEF because the offer was too low.
The first proposal of £12.85 (US$19.4) per share was submitted on 28 January and a follow-up bid of £13.4 per share was tabled on 3 February. It is understood the second bid was worth £612m.
Forth Ports said: “The board considered both of these proposals carefully and, having discussed them with its advisers, is of the unanimous view that these proposals fall far short of the value of Forth Ports.
"The board believes that the [market development] portfolio has the potential to appreciate greatly in value when property markets recover, and the renewable energy projects in which Forth Ports has invested will generate significant value in future years.”
Forth Ports owns seven ports in the UK, including Tilbury in London, Grangemouth, Scotland’s largest container port, and Leith in Edinburgh.
It also has a number of other valuable assets, including a 33% shareholding in terminal operator Tilbury Container Services, a substantial property portfolio and a number of renewable energy projects.
The first proposal of £12.85 (US$19.4) per share was submitted on 28 January and a follow-up bid of £13.4 per share was tabled on 3 February. It is understood the second bid was worth £612m.
Forth Ports said: “The board considered both of these proposals carefully and, having discussed them with its advisers, is of the unanimous view that these proposals fall far short of the value of Forth Ports.
"The board believes that the [market development] portfolio has the potential to appreciate greatly in value when property markets recover, and the renewable energy projects in which Forth Ports has invested will generate significant value in future years.”
Forth Ports owns seven ports in the UK, including Tilbury in London, Grangemouth, Scotland’s largest container port, and Leith in Edinburgh.
It also has a number of other valuable assets, including a 33% shareholding in terminal operator Tilbury Container Services, a substantial property portfolio and a number of renewable energy projects.
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