Simon Group board agrees to ú95 million Montauban offer
The board of United Kingdom port operator Simon Group Wednesday agreed to a '95.3 million ($175.4 million) takeover offer from Belgium’s Montauban S.A.
Montauban already controls 47.1 percent of Simon Group and June 15 made its made its mandatory 60 pence ($1.10) per share offer. Montauban is a wholly owned subsidiary of CdMG, a private investment holding company incorporated in Belgium and controlled by Camille Cigrang, owner of roll-on/roll-off and terminal operator Coblefret.
“The board of Simon Group has explored all possibilities, including discussions with Montauban of a higher price than the mandatory cash offer price. It is the view of the board of Simon Group that it is unlikely that a higher proposal will emerge. Accordingly, the board of Simon Group recommends the mandatory offer by Montauban,” Simon Group said in a statement to the London Stock Exchange.
Simon Group operates the Humber Sea Terminal at Killingholme and Port Sutton Bridge on the East Coast of England.
Simon Group board agrees to ?95 million Montauban offer
