Saturday, July 13, 2024

Takeover agreed on Port of Tilbury

THE PORT OF TILBURY owners, Forth Ports today announced it had agreed to a £760 million takeover offer by its largest shareholder, Arcus European Infrastructure Fund, after a 10 per cent rise in profits reports The Scotsman

The company, which owns and operates seven commercial UK ports, said Arcus, which has a 23.5 per cent stake in the company, would pay 1,630 pence per Forth Ports share it does not already own, plus a dividend of 20 pence per share.

Shares in Forth Ports, which have risen 12 per cent in the last month, closed at 1,614 pence yesterday, valuing the business at around £735m.

The company gave Arcus access to its books earlier this month after Arcus made a £745m takeover approach.

Forth Ports Chairman David Richardson said: “The Arcus offer gives Forth Ports shareholders the opportunity to realise their investment for cash at a fair price.”


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