Port of Tilbury targeted for takeover

THE OWNERS OF the Port of Tilbury, Forth Ports are being targeted for a takeover.

The group has been valued at a £746m – more than £50m above its stock market valuation on Friday.

As well as Tilbury, Forth owns docks in Scotland (Leith, Grangemouth, Fife and Dundee) and is Britain’s only stock market listed ports company reports the BBC.

Arcus, a private infrastructure investment fund which already owns a fifth of the company, has tabled a conditional offer.

Directors of Edinburgh-based Forth have agreed to open the books to give the bidder further information.

Last year, Forth Ports fought off a bid by a consortium including Arcus, which then valued the company at £640 million.

Arcus is an investment firm which has interests including Euroports, the second largest dry bulk port operator in continental Europe, and Luxembourg-based Alpha Trains, which leases train rolling stock.

The offer to Forth Ports includes a pledge to pay a dividend of 20p-per-share prior to completion of any offer.

The company said: “On the basis of this indicative proposal, the board has agreed that Arcus can undertake certain confirmatory due diligence.”

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