ABP rejects tentative offer from consortium

ABP rejects tentative offer from consortium    The United Kingdom’s largest port group, Associated British Ports Holdings has rejected as “wholly inadequate” a preliminary takeover offer of '2.3 billion ($4 billion) from the consortium headed by Goldman Sachs and the Government of Singapore Investment Corp.
   The consortium made its “non-binding indicative offer” of '7.30 ($12.70) per share Monday, ABP said.
   ABP controls nearly a quarter of the British market after moving about 130 million tons of cargo at its 21 ports in 2005. The company is also the parent company of American auto-processing company AMPORTS.
   ABP’s share price on the London Stock Exchange was '7.26 ($12.63) at 2 p.m. local time today, up 1.26 percent or '0.09 (16 cents) from Wednesday’s closing price.