AIM-listed Peel Holdings has made a £185m bid for quoted Scottish ports company Clydeport, which will allow the Trafford Centre developer to get its hands on a £500m development.
This week Peel, which also owns the Liverpool John Lennon Airport and the Manchester Ship Canal, made a recommended 440p per share bid.
Clydeport owns a number of ports and associated developments in the west of Scotland, but its major property venture is a scheme at Glasgow Harbour, held in a joint venture with Bank of Scotland.
The scheme is currently valued at £50m but has planning consent for a £500m scheme including 1m sq ft of offices and 50 acres of residential.
Peel will move the HQ of its ports business, which runs the Manchester Ship Canal, to Clydeport’s Glasgow HQ.
Clydeport chief executive Tom Allison will run the business.
Chairman John Whittaker said the acquisition “should enable Peel Holdings to expand its port operations with the benefit of Clydeport’s management experience”.
“Peel Holdings will also be able to provide support and assistance to Clydeport’s property development activities,” he said.
Peel’s bid will be part financed by a new £156m debt facility with Royal Bank of Scotland.
The two firms have been in talks for a year, after Peel began building up an 8% stake.
Clydeport said it decided to accept the offer because it could not sustain recent rates of growth organically.
It has been one of the stock market’s top performers over the past five years.
