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Arcus Fund Buys Forth Ports For £751M
U.K. port operator, Forth Ports, is being taken over by Arcus Capital’s European Infrastructure Fund 1 for £751 million.
U.K. port operator, Forth Ports, is being taken over by Arcus Capital’s EuropeanInfrastructure Fund 1 for £751 million, Financial Times reports. The company will pay 1,630 pence a share for the Edinburgh-based company, with a final dividend of 20 pence also due to be paid.
Arcus already owns a 22.8% stake in the company, and along with the backing of directors, it has a letter of intent from Schroder Investment Management to support the takeover with respect to a 10.1% holding, adds Bloomberg. Companies, including Peel Holdings and RREEF dropped their 1,400 pence bid for Forth Ports due to higher price demand.
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