Macquarie raises heat in ABP battle
THE £2.5bn bid battle for Associated British Ports looked set to intensify today as it was revealed that the rival consortium to Goldman Sachs had paid 850p for shares in the market.
At the same time, yet another bid for a British ports operator was revealed as the Humberside and Wash operator Simon Group received a mandatory offer valuing it at £95.3m.
The Macquarie-led consortium, which includes 3i, a Canadian Pension fund and an Australian fund manager, has said it is looking at a cash offer for ABP 'worth at least 840p' which would match the cash offer from the Goldman Sachs-led group. But if it paid 850p in the market that would be the lowest price it could possibly offer to all shareholders.
Macquarie has yet to table a formal bid, and ABP's directors have told shareholders to take no action for the time being.
In the meantime, Simon Group has received a 60p a share offer after Belgian entrepreneur Camille Cigaran increased his stake in the company to 47% and triggered a mandatory bid.
Cigaran, who already had a 28% holding, acquired another 19% stake in Simon from Utilico Investment Trust for a total of £17.8m. The mandatory 60p offer was launched by KBC Peel Hunt.
Cigaran's interests include Cobolfret, a bulk shipping, rollonroll-off shipping and terminals business. He also owns port operations in Purfleet and Rotterdam. Simon's board today said it would meet shortly and advised shareholders to take no action.
Most watched Money videos
- How to invest for income and growth: SAINTS' James Dow
- Mail Online takes a tour of Gatwick's modern EV charging station
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- The new Volkswagen Passat - a long range PHEV that's only available as an estate
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- BMW meets Swarovski and releases BMW i7 Crystal Headlights Iconic Glow
- Land Rover unveil newest all-electric Range Rover SUV
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- Mercedes has finally unveiled its new electric G-Class
- Mini celebrates the release of brand new all-electric car Mini Aceman
- MailOnline asks Lexie Limitless 5 quick fire EV road trip questions
- Tesco boss pockets £10m in biggest ever pay deal at a UK...
- Burberry profits plummet amid luxury slowdown and China...
- Compass Group ups guidance thanks to major sporting events
- Experian shares rise sharply as credit data giant lifts...
- Leapmotor is the next new Chinese car brand coming to...
- Hundreds of jobs at risk as Anglo slashes funding for...
- Axe stamp duty on British shares, says Flutter boss as...
- Golden Virginia owner Imperial Brands bolstered by higher...
- BUSINESS LIVE: Burberry hit by luxury slowdown; Imperial...
- Czech billionaire Daniel Kretinsky ups bid for Royal Mail...
- De Beers eyes £4bn London float as Anglo bids to fend off...
- MARKET REPORT: Vodafone shares rally as investors cheer...
- ANOTHER UK tech star is bought by US private equity: KKR...
- My neighbour has started keeping bees. Is there anything...
- How refreshing that Anglo has chosen not to grab the...
- I believe prenups are so vital every couple should be...
- Tech firm Raspberry Pi confirms plans to IPO in London
- The age you can access work and private pensions will...