ASSOCIATED British Ports, owner of the ports of Ayr and Troon, yesterday agreed to an increased pounds-2.8bn takeover bid from a consortium led by investment bank Goldman Sachs.
Rival bidder Macquarie, the Australian investment bank, said its consortium was "considering its position" after the recommendation of the Goldman camp's 910p-a-share bid. Macquarie also confirmed UK venture capital firm 3i had withdrawn from its grouping.
Shares in Edinburgh-based Forth Ports jumped again as the takeover spotlight shone on it even more brightly as the last big publicly-quoted ports operator in the UK, assuming the AB Ports deal completes.
Forth Ports, whose chairman Christopher Collins refused last month to say whether it had held talks with any potential suitors, gained another 32p to 1860p yesterday.
Goldman's consortium raised its offer after AB Ports allowed the Macquarie grouping access to its books last week in the wake of a conditional bid approach with a value "at least" as high as its US-based investment banking rival's previous pounds-2.58bn, or 840p-a-share offer.
News agency Reuters quoted sources familiar with the matter yesterday saying the revised offer from the Goldman grouping followed a late-night bidding contest after Macquarie approached AB Ports with an offer and the ports company asked both sides to put their best offers on the table.
Earlier this month, Goldman lost out to Ferrovial of Spain in the battle for airports operator BAA.
Shares in AB Ports closed up 38p at 919p yesterday, factoring in a chance of a still higher bid.
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