Forth Ports agrees to $1.21b takeover

Forth Ports has agreed to a US$1.21 billion takeover offer from their largest shareholder, reported Scottish Daily Record.


Arcus Capital, who own 22.8 per cent of Forth, will pay $26.66 a share plus a 32.72 cents-a-share dividend.


Forth, the only listed port operator in the UK, will keep their headquarters in Scotland.


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


"It is also pleasing that this successful Scottish company will continue to be run from Scotland."


The board of Forth Ports will share a multi-million-pound windfall from the deal, with chief executive Charles Hammond holding 900,000 shares valued at $2.45 million at the bid price.


Wilson Murray, the biggest shareholder on the board, is set to pocket around $4.42 million from the deal.


Arcus was formed after the management buyout of part of Babcock & Brown's European infrastructure business in July 2009. Their interests include Euroports, the second largest dry bulk port operator in continental Europe, and Luxembourg's Alpha Trains, who lease train rolling stock.


Forth operates seven UK ports, six of which are in Scotland, including the country's largest container port at Grangemouth.
Their other ports are Dundee, Rosyth, Burntisland, Methil, Leith and Tilbury in London.


They also own the Ocean Terminal shopping centre, whose value rose from $139 million in 2009 to $144.94 million last year, at Edinburgh's Leith Docks.
(Source:http://www.cargonewsasia.com)