LONDON (Thomson Financial) - Forth Ports PLC has issued a 'put up or shut up' demand to Babcock & Brown after the Australian group sparked takeover rumours by acquiring a fifth of the company's shares nine days ago, The Independent on Sunday newspaper reported.
The report said Babcock & Brown's European Infrastructure Fund, which took its stake in Forth to 20.4 pct earlier this month, is thought to have bought more Forth shares on Friday, taking its stake to around 23 pct, 7 pct short of the level which would automatically trigger a bid under LSE rules.
'It is for Babcock to clarify what its position is. With its investment Babcock clearly recognises the value in Forth Ports and understands it's an attractive investment both in terms of its ports business and property interests,' a Forth spokesperson told The Independent on Sunday.
Forth has not received an approach from the Australian fund but is believed to be attracting interest from other potential bidders. r.jones@thomson.com rj/vs COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
The report said Babcock & Brown's European Infrastructure Fund, which took its stake in Forth to 20.4 pct earlier this month, is thought to have bought more Forth shares on Friday, taking its stake to around 23 pct, 7 pct short of the level which would automatically trigger a bid under LSE rules.
'It is for Babcock to clarify what its position is. With its investment Babcock clearly recognises the value in Forth Ports and understands it's an attractive investment both in terms of its ports business and property interests,' a Forth spokesperson told The Independent on Sunday.
Forth has not received an approach from the Australian fund but is believed to be attracting interest from other potential bidders. r.jones@thomson.com rj/vs COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.