(Alliance News) - Isles of Scilly Steamship Co Ltd on Friday announced that it unequivocally rejected a preliminary approach from Harland & Wolff Group Holdings PLC.
Harland & Wolff is a London-based fabrication company, which serves the maritime and offshore industries from yards in England, Northern Ireland and Scotland.
Isles of Scilly, which operates the principal shipping service from Penzance in Cornwall to the isles of Scilly, said the preliminary approach was regarding a potential full takeover by Harland & Wolff.
"The board of the company does not believe that the approach from H&W is in the best interests of the company's shareholders," Isles of Scilly said.
Due to the announcement, Isles of Scilly is now in an "offer period". Harland & Wolff has until December 21 to announce a firm intention to make an offer for the company, or to announce that it does not intend to make such an offer.
In October, Harland & Wolff said it continued to pursue its proposal for fast ferry and freight services to and between the Isles of Scilly, which are around 28 miles to the southwest of Cornwall.
Harland & Wolff shares closed 0.7% higher at 12.08 pence each on Thursday in London, before Isles of Scilly's announcement.
By Tom Budszus, Alliance News slot editor
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Harland & Wolff (HARL)