UK ports firm agrees to £2.8bn takeover

Associated British Ports today agreed to an improved £2.8bn (€4bn) takeover offer from Goldman Sachs.

The 910p-a-share offer by Goldman-led consortium Admiral Acquisitions was 70p higher than its earlier 840p bid.

AB Ports, which owns 21 UK ports including Hull, Southampton and Port Talbot, today said the latest offer was “fair and reasonable”.

But rival bidder Macquarie immediately urged AB Ports shareholders to “take no action in response to the revised proposal” as it considered whether to make an alternative offer.