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Forth Ports' suitors must 'put up or shut up'
FORTH Ports' management is this morning expected to expand on its reasons for rejecting three takeover approaches after the stock market regulator yesterday issued its suitor with a "put up or shut up" notice.
The Northstream consortium now has until 1 June to make a formal bid for Forth Ports, which stages its AGM today, or signal its intention not to make a takeover approach.
If Northstream – consisting of Peel Ports Holdings, Deutsche Bank's RREEF infrastructure fund, and Arcus, the infrastructure arm spun out from Australian investment firm Babcock & Brown – does not bid then its members will be barred from mounting a further approach for six months under stock market rules.
Members of the consortium already own a 27 per cent stake in Forth Ports.
Edinburgh-based Forth Ports announced on Wednesday that it had rejected a third bid from Northstream, consisting of 1,400p-a-share in cash, excluding the proposed final dividend of 19.1p-a-share.
The latest bid valued the company at about 643 million.
In a note issued on Tuesday, analysts at Nomura moved their overall valuation for the group to 1,800p a share.
Shares in Forth Ports edged 6p higher yesterday to close at 1,347p.
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Friday 25 May 2012
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