Singapore-based port operator, PSA announced last week that it would not be seeking to top the offer for the UK's P&O Group put in by Dubai's DP World.
P&O's board had not been seeking a takeover, but the initial offer put in by DP World proved too attractive to resist. After several changes of heart as its two suitors lodged increasing bids, it announced its support for DP World's offer late last month.
In a statement released on Friday, PSA announced that
"PSA believes that the businesses of P&O offered an attractive opportunity to add to our global portfolio. We also believe the price we have offered at 470 pence per unit of deferred stock represented a full and fair value. For PSA to pay more than this price would not be compatible with commercial business sense and PSA's future success."
"Following the revised proposals for the acquisition of P&O from DP World at a price of 520 pence per unit of deferred stock, PSA has decided not to increase its offer and will therefore no longer pursue the acquisition of P&O."
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