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Arcus, Peel and RREEF set out Forth Ports offer

By BFN News | 02:43 PM | Wednesday 28 April, 2010

The Northstream consortium - comprising Arcus, Peel and RREEF - is making its revised 1,400p per share offer for Forth Ports public. The consortium says the offer - which has been rejected by the Forth Ports board - represents: * A premium of 34.2% to the unaffected price of 1,043p per share on 10 February, the day prior to its last proposal on 11 February. * An increase of 10.6% over the initial indicative proposal of 1,285p per share detailed in its letter to the board of Forth Ports of 28 January as adjusted to take account of the declared Forth Ports final dividend of 19.1p per share. * Including the property business, a value for Forth Ports of 16 times the Ports and Recycling EBITDA of £59.51m for the financial year ended 31 December 2009. Story provided by Business Financial Newswire

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