Arcus in deal to take over ports firm
By Rhys Jones |
March 23, 2011, Wednesday
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Print Edition
Print Edition
FORTH Ports yesterday accepted a 760 million pound (US$1.2 billion) takeover offer from its largest shareholder, Arcus European Infrastructure Fund, ending a year-long pursuit of Britain's only listed ports group.
Otter Ports, a unit of Arcus, which has a 22.8 percent stake in Forth, will pay 16.30 pounds per Forth Ports share it does not already own, plus a dividend of .20 pounds per share to existing shareholders, valuing the company at 760 million pounds.
"The Arcus offer gives Forth Ports shareholders the opportunity to realize their investment for cash at a fair price," Forth Ports Chairman David Richardson said.
"As a shareholder for three years Arcus always said it was impressed with Forth Ports' management and I'd like to think that current management have a future in the business."
Forth manages and owns six ports in Scotland, including Grangemouth, Dundee and Rosyth, as well Tilbury on London's river Thames.
The group had given Arcus access to its books earlier this month after Arcus declared its hand.
The price represents a 14.3 percent premium to Forth's closing share price of 14.44 pounds on February 21, which was the last day of trading before press speculation emerged about a possible deal.
"Given the recommendation by the Forth Ports board, and the substantial shareholding of Arcus, we do not anticipate a competing offer," according to Arbuthnot analyst Gerald Khoo.
Otter Ports, a unit of Arcus, which has a 22.8 percent stake in Forth, will pay 16.30 pounds per Forth Ports share it does not already own, plus a dividend of .20 pounds per share to existing shareholders, valuing the company at 760 million pounds.
"The Arcus offer gives Forth Ports shareholders the opportunity to realize their investment for cash at a fair price," Forth Ports Chairman David Richardson said.
"As a shareholder for three years Arcus always said it was impressed with Forth Ports' management and I'd like to think that current management have a future in the business."
Forth manages and owns six ports in Scotland, including Grangemouth, Dundee and Rosyth, as well Tilbury on London's river Thames.
The group had given Arcus access to its books earlier this month after Arcus declared its hand.
The price represents a 14.3 percent premium to Forth's closing share price of 14.44 pounds on February 21, which was the last day of trading before press speculation emerged about a possible deal.
"Given the recommendation by the Forth Ports board, and the substantial shareholding of Arcus, we do not anticipate a competing offer," according to Arbuthnot analyst Gerald Khoo.
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