It emerged this week that the board of ports and ferries operator, P&O has recommended that the firm's shareholders accept a GBP3.54 billion bid lodged by PSA.
Withdrawing its previously granted support for an earlier bid (to the tune of GBP3.33 billion) by Dubai-based DP World, the board announced that:
"At completion of the Offer, the operations of P&O will be merged with those of the Offeror's parent, Singapore based PSA, creating one of the world's largest port operators."
In December 2005, P&O announced that it had received a takeover bid from Dubai Ports World. The firm had not been seeking a takeover, but the 443 pence per share offer proved an attractive one.
PSA's rival bid was launched earlier this month.
The outcome of the matter is far from clear, despite the P&O board's statement, as it is entirely possible that DP World will respond to PSA's offer with a higher bid of its own.
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