Takeover bid for Forth Ports is abandoned
PEEL Group and its consortium partners last night abandoned a £640 million proposed offer for rival Forth Ports, ending a three-month takeover bid.
The Northstream consortium, which holds a 27.4 per cent stake in Edinburgh-based Forth, had been given a 1 June deadline by the Takeover Panel after Forth rejected a third bid in late April.
The company yesterday said that "economic uncertainty" meant it was not able to improve on a previously rebuffed 640 million proposal.
Shares in Forth Ports have climbed since the initial takeover bid, and rose by nearly 5 per cent yesterday, although the stock is likely to fall today following Northstream's withdrawal.
Forth has a large property interest in the regeneration of Edinburgh's waterfront, where nearly 16,000 homes are planned over the next 30 years.
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Sunday 27 May 2012
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