Global Ports shares dip as it moots take private offer
The world’s largest cruise port operator confirmed on Monday it was considering a take private offer from its parent company which would see it delisted from the London Stock Exchange.
Global Ports Holding, which owns the cruise port at Liverpool alongside a host of operations worldwide, said it would make a statement on the approach from Global Yatırım (GIH).
Shares had fallen more than four per cent by mid-morning. The deadline for a formal offer from GIH is 5pm on 12 July.
GIH, the controlling shareholder with a 59 per cent stake in Global Ports, has made a possible $3 (237p) per share cash offer for the operator.
In a statement on Friday, it said it was convinced of the “merits of moving the business into private ownership and intends to seek delisting of the company.”
London-headquartered Global Ports saw a record 13.4m cruise ship passengers pass through its hubs last year, with booming demand across Northern Europe and the Mediterranean.
The company is in the midst of an expansion drive in America, where its demand grew by nearly a third across the 12 months to March.
The firm added two new Caribbean ports in San Juan and Saint Lucia last year, with Saint Lucia expected to bring in more than 1m people over the next 12 months.
Despite the growth, shares are down 13 per cent in the year to date amid investor concern over pricing declines in key cruise ship markets.
London’s markets have suffered a flood of exits in the last year as companies complain of high costs. At least eight firms have plotted moves off the Stock Exchange in 2024 in what was meant to be a rebound year.
Some 32 firms came under offer or were picked off by private buyers last year, according to an analysis by Peel Hunt.