Endeavour faces rival Australian bid for PD

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According to a report in the Financial Times, PD Ports, who last week recommended a takeover offer from Endeavour, the Australian consortium, has received a second bid. The new offer is understood to be a rival Australian infrastructure fund and is pitched just higher than Endeavour’s £246m offer.

The bidding for PD Ports, which operates Teesport and Hartlepool, has further raised the possibility of other UK port operators receiving bids from international sources. On Tuesday (29 Nov 2005), P&O announced a £3.33bn recommended takeover from Dubai Ports World.

Endeavour is being advised by Lexicon Partners while PD is being advised by Hawkpoint Partners.

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