Global Ports Holding PLC (LSE:GPH), the world’s largest independent cruise port operator, has confirmed an offer by its parent company Global Yatırım (GIH) to take the business private and delist from the London Stock Exchange.
In a statement, Global Ports, which owns the cruise port at Liverpool alongside many others worldwide, said it would consider the approach, which is non-binding, and make a statement. GIH has until 12 July to make a formal offer.
GIH said it sees merit in moving the business into private ownership, adding that as it is standard listed delisting can be implemented through a decision by the board of directors and neither a shareholder vote nor a squeeze-out is required.
In addition, GIH said it is considering a possible cash offer of US$3.00 (237p) per share for the outstanding shares it does not own alongside the delisting.
GIH owns around 59% of Global Ports and a US$3 per share offer would value it at around US$229 million or £181 million.
GIH and Bidco are in discussions with potential providers of funding and there can be no certainty that an offer will be made, it added in a statement on Friday.
Shares in Global Ports dropped 2.8% today to 239p, closer to the value of the indicated offer.