Global Ports considers takeover proposal from largest shareholder, GIH

(Alliance News) - Global Ports Holding PLC on Monday said it is considering a takeover proposal from its majority owner Global Investments Holding.

The cruise port operator said it received an "indicative non-binding proposal", which it will "consider" with its advisers.

GIH, which owns around 59% of GPH, on Friday said it is mulling a cash offer of USD3.00 per share, giving the London listing an equity valuation of USD229.3 million, around GBP181.0 million.

Shares in Global Ports Holding fell 2.2% to 240.56 pence each in London on Monday.

GIH said on Friday: "GIH as the controlling shareholder is convinced of the merits of moving the business into private ownership and intends to seek delisting of the company and taking it private."

GIH said it was in discussions with potential providers of funding.

GIH has until the close of play on July 12 to announce whether it plans to make a firm offer for GPH.

By Jeremy Cutler, Alliance News reporter

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