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.