Harland & Wolff look to boost footprint with proposed ferry deal
Harland & Wolff announced today it would continue to pursue the acquisition of the Isles of Sicily Steamship Company Limited (ISSCL) acquisition after its initial approach was rejected yesterday.
The fabrication company confirmed it has been considering the opportunity to build or operate ferries to the “undeserved” Isles of Sicily to Penzance route.
The ISSCL said: “The board of the company does not believe that the approach from H&W is in the best interests of the company’s shareholders.”
Believing there is a “clear strategic, operational and financial rationale” for the proposed acquisition, which was rejected by ISSCL, the board of Harland & Wolff said they are continuing to consider their options despite being “disappointed.”
Due to the rejection, ISSCL is now in an offer period.
Harland & Wolff has until 21 December to announce a firm intention to make an offer for the company, or to announce that it does not intend to make an offer.