£2.795 Billion Takeover Offer for Associated British Ports Holdings plc 

Article Date - 21/07/2006 

The shareholders of Associated British Ports Holdings plc, the UK's largest port operator, have approved a recommended offer by Admiral Acquisitions UK Limited, the Goldman Sachs-led consortium, which also includes Borealis, the infrastructure manager of the Ontario Municipal Employees Retirement System, GIC Special Investments Pte Ltd, the private equity investment arm of the Government of Singapore Investment Corporation Pte Ltd and Infracapital, the infrastructure fund of the Prudential Group.

The cash offer, which is being implemented by way of a court approved scheme of arrangement in the UK, values the port operator on a fully diluted basis at £2.795 billion or 910 pence a share.

The offer requires the sanction of the UK court and is expected to become effective in mid-August. Michael Lombardi and Nathan Powell of law firm Ogier are advising the Goldman Sachs-led consortium, which is using a Jersey holding structure, on Jersey law.

Ogier was instructed on the transaction by international law firm, Freshfields Bruckhaus Deringer, who are the English law advisers to the consortium.