Forth Ports on verge of US$1.2bn takeover

In an announcement, Forth Ports said that following the approach and on the basis of this indicative proposal, its Board had agreed that Arcus can undertake certain confirmatory due diligence.

Although the announcement does not constitute a firm intention to make an offer, it is considered that Forth Ports’ agreement to the due diligence process is an indication that takeover talks are well advanced. It is understood that the company is currently in the final stages of going through Forth’s books.

Arcus has offered £16.30 (US$26.3) a share and also agreed to pay a final dividend of 20p (US$0.32) for the year ending 31 December 2010 to shareholders prior to completion.