Talks regarding a potential takeover of Global Ports Holding Plc (GPH) from logistics giant MSC have been terminated as GPH says “remain confident” in the company’s future direction.
GPH made the announcement on 12 July after MSC subsidiary SAS Shipping Agencies Services Sarl (SAS) had approached the firm in June with a potential cash offer.
“GPH’s board of directors has now terminated these talks with SAS,” the announcement wrote.
“GPH’s board of directors remains confident in GPH’s strategic direction as an independent port operator with open access cruise port concessions and arm’s length treatment of berthing rights for all its customers.
“The GPH board continues to be focussed on delivery of our strategic goals and long-term value creation, that reflects the strategic strength of GPH and its growing network of cruise ports, for the benefit of all shareholders.”
Global Ports shares fell 17 per cent to 94.10 pence each in London on 12 July.
Global Ports Holding Plc is the world’s largest cruise port operator with an established presence in the Caribbean, Mediterranean, Asia-Pacific regions, including extensive commercial port operations in Montenegro.
Mehmet Kutman, Co-Founder, CEO and Chairman of GPH said: “The board of GPH is wholly committed to the successful execution of our long-term strategy to grow the business and create value for all shareholders while providing industry-leading investment and service levels at our cruise ports for the benefit of all stakeholders.”
The announcement had been made by GPH without the agreement or approval of SAS.
In April MSC Group entered into a €5.7 billion share purchase agreement with Bolloré SE for the 100 per cent acquisition of Bolloré Africa Logistics.