Forth Ports, the last remaining listed UK ports group, has rebuffed a third takeover bid from a consortium of three of its major shareholders. The increased offer from the Northstream consortium made up of European port investment group Arcus, Liverpool-based Peel Group (the owner of Port of Liverpool and Clydeport) and Deutsche BankÕs RREEF infrastructure fund amounted to £14.00 per share, valuing the company at around £640m. The consortium's second proposal of £13.40 per share, on the table since February, valued Forth Ports at £612m. The latest offer by Northstream included an alternative deal structure, with an option to take part cash for the ports and recycling business and a paper instrument providing continuing exposure to the property development assets'.
Forth Ports management said that, like the previous offers, the consortium's new offer did not reflect Forth Port's full value. Following fresh disclosures from Forth Ports, analysts Nomura increased its change of control valuation of the group to £18.00 per share.
Forth Ports saw first quarter increases in container and other traffic at the port of Tilbury, and reported a positive economic outlook.
