PD Ports bidder pulls out of running
19/12/2005 - 09:53:52Australian infrastructure firm Babcock & Brown looked set to land PD Ports today after a rival suitor refused to get involved in a bidding war.
In late November the Endeavour Ports consortium tabled a £246m (€361m) offer for the firm, which was backed by the board of PD Ports.
However the board then switched camps, swinging behind a £260m (€382m) takeover proposal from Babcock & Brown, which Australian-based Endeavour today announced was more than it was prepared to pay.
North East-based PD Teesport is Britain’s second largest port by volume.
