Forth Ports agrees to meet Peel consortium
FORTH Ports has agreed to meet the Northstream consortium – which includes Peel Holdings – after knocking back two previous takeover offers.
In its full year figures, published today, the Edinburgh-based ports company, said the two offers fell, “far short of the value of Forth Ports”, but a meeting has been agreed.
Forth Ports, which owns Tilbury and Grangemouth docks, is the only remaining listed UK ports company.
Northstream, a consortium comprising AEIF General Partner Limited, Peel Ports Holdings and the infrastructure fund RREEF, offered 1,285p a share on January 28. It increased this by 4.3% on February 3 to 1,340p.
In a statement it said: “The board considered both these proposals carefully and having discussed them with its financial advisers… the board is of the unanimous view that these proposals fall far short of the value of Forth Ports. We have agreed to meet the consortium in their capacity as shareholders, following publication of results.”
The group posted a pre-tax profit, after stripping out exceptionals of of £33.2m, compared with a loss of £30.7m last time, and revenue of £173.9, down from £185.9m.
Manchester-based Peel Holdings is one of the largest property owners in the region and controls the Manchester Ship Canal and Mersey Docks. Forth Ports shares were up 9p this morning at 1,399p.
