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PD Ports accepts GBP320m offer from Australian equity funds.
(From Lloyds List)
Byline: Tony Gray
For the second successive day a British ports group has agreed to be acquired by overseas interests, with a GBP320m ($554m) bid for PD Ports by a group of private equity funds.
The bidder is Endeavour Ports, a UK company which is predominantly owned by the Australian interests Industry Funds Management and Challenger Financial Services.
The UK's 3i Group has a 15.5% stake in Endeavour.
Yesterday's news followed P'O's agreed GBP3.3bn takeover by Dubai Ports World.
The offer for PD Ports, which operates Tees and Hartlepool ports, comprises two elements.
- PD Ports docks with new offer.(News)
- Newspaper article from: The Journal (Newcastle, England) December 13, 2005 700+ words
...Ports operator PD Ports swung behind a...higher than rival Endeavour Ports' bid ( looks set...picked up by BBI. PD Ports chairman David...the offer from Endeavour Ports." Babcock &...Green said: "PD Ports fits well within...
- New owners for PD Ports.(Business Local)
- Newspaper article from: Evening Gazette (Middlesbrough, England) November 30, 2005 700+ words
...agreed, it was announced today. PD Ports, which employs more than 500 locally...has accepted a pounds 246m bid from Endeavour Ports, an alliance of private equity group...investors and we fully appreciate PD Ports' commercial importance to the North...
- PD Ports board backs Babcock's $600m offer.
- News wire article from: Australasian Business Intelligence December 11, 2005 700+ words
...British port operator, PD Ports. The offer, which includes...Stg546 million bid from Endeavour Ports. BBIG's offer equates...142 pence per share. PD Ports chairman, David Harding...long-term owner". PD Ports shares gained value on...
- PD Ports battle 'run its course' as 3i team sinks.
- Newspaper article from: The Evening Standard (London, England) December 19, 2005 700+ words
...battle for Teesside docks operator PD Ports appeared to be over today after...walked away. A statement from Endeavour Ports, the vehicle being used by 3i...infrastructure group. Shares in PD Ports slipped 31/2p to 1481/2p...
- PD Ports agrees offer.
- Magazine article from: Investors Chronicle December 16, 2005 700+ words
PD Ports has recommended a 148...earlier 140.5p offer from Endeavour Ports. Together with the right...50 per cent premium over PD Ports' 100p float price in July...per cent of shareholders. PD Ports' shares are trading at...
- Aussies pick up PD Ports for [pounds sterling]320m.
- Newspaper article from: The Evening Standard (London, England) November 30, 2005 700+ words
TEESSIDE operator PD Ports has agreed a [pounds sterling]320 million takeover by a consortium...services group Challenger and Britain's 3i through a new vehicle Endeavour Ports. The bid is 142p cash per share, a 42% premium to the 100p...
- Second offer puts the wind in PD Ports' sails.
- Newspaper article from: The Evening Standard (London, England) December 5, 2005 700+ words
PD Ports, which operates Teesside and Hartlepool, confirmed it has received...sterling]246 million agreed deal - worth 1401/2p a share - with the Endeavour Ports consortium involving Australian funds Industry Funds Management and...
- Enthusiastic and commited outlook for PD ports.(News Tees Pride)
- Newspaper article from: Evening Gazette (Middlesbrough, England) January 24, 2005 700+ words
Pd ports has its sights set high for 2005 when it...will see new heightened activity within PD Ports including the largest ever health and safety...development, in Hartlepool are expected. PD Ports also expects to see the benefits of Corus...