THE Australian bank which yesterday revealed plans to trump a multi-billion takeover of the owners of Southampton docks has urged shareholders to sit tight and wait for its offer.
As reported in later editions of yesterday's Daily Echo, Australia's Macquarie bank emerged as a rival to the £2.48 billion takeover bid for Associated British Ports (ABP) from a consortium led by US investment bank Goldman Sachs.
The Americans immediately upped their offer by almost £100m to fend off the new rival, raising the prospect of a bidding war for ABP.
The latest offer of 840p a share up from the initial offer of 730p in March is still subject to shareholder approval which, prior to Macquarie's interest, was widely thought to be a formality after the board has backed the proposal.
A major Southampton employer, ABP employs 820 people directly and a further 800 at Southampton Container Terminals, in which it has a half-share.
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