Specialist fund manager Arcus European Infrastructure Fund 1 L.P. Tuesday agreed to take over Scotland-based ports operator Forth Ports Plc (FPT.L) by acquiring the remaining stake it does not currently own for 1,630 pence per share in cash. Forth Ports shareholders could also retain the proposed final dividend of 20 pence per share. The total deal value, together with the final dividend, would be around 760 million pounds.
Arcus, which makes long-term infrastructure investments throughout Europe, currently holds about 22.8 percent of the existing issued ordinary share capital of Forth Ports.
Simon Gray, Partner of Arcus, said about the acquisition, "It is a strong Scottish company with high quality infrastructure assets and a robust business model, which we plan to invest in and grow."
The company noted that the directors of Forth Ports consider the offer terms to be fair and reasonable, and unanimously intend to recommend its shareholders to vote in favor of the Scheme of Arrangement, which is expected to become effective in early June 2011.
The offer value, with the proposed dividend, represents a premium of 8.3 percent to the closing price of 1,523 pence per Forth Ports share on March 4, the day before its announcement of receiving an approach from Arcus. The price also represents a premium of 14.3 percent to Forth Ports' closing price on February 21, the day prior to press speculation regarding a possible offer.
Forth Ports Directors, with 0.72 percent stake in total, have agreed to vote in favor of the scheme. Arcus has also received a letter of intent from Schroder Investment Management in respect of their about 10.1 percent stake.
Forth Ports owns and operates eight UK commercial ports and associated land and seven ports on Scotland's east coast. The company also operates a recycling business.
In March 2010, Forth Ports was the target of a failed takeover approach by a consortium in which Arcus was a member. On March 7, 2011, Forth Ports said it received an indicative conditional proposal from Arcus of 1,630 pence per share, excluding the proposed final dividend.
Following the acquisition through its newly created unit Otter Ports Ltd., Arcus intends to maintain Forth Ports' headquarters in Scotland as well as its existing management team.
In a separate statement, Forth Ports reported that its 2010 profit before tax grew 20 percent to 56.3 million pounds, as revenues grew 5 percent to 181.9 million pounds.
FPT.L is currently trading at 1,638 pence, up 24 pence or 1.49 percent, on a volume of 429,542 shares.
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