PD Ports, operator of the ports of Teesport and Hartlepool, has announced that it has received a bid of £246m from the Australian-led consortium, Endeavour Ports.
PD Ports has become the second ports operator this week to recommend a takeover to shareholders, following a deal between port operators DP World and P&O. The proposed deal offers shareholders in PD, 140.5p per share which is 26 per cent above the share price. The deal raises concerns over the company’s plans to invest £300m in turning Teesport into an important deep-sea container terminal although a director of Endeavour Ports, Graeme Bevans said: “We are committed long-term investors and we fully appreciate PD Ports’ commercial importance to the northeast of England. We intend to work with the existing management team and to invest in the business to secure its future success.”