New takeover bid for Forth Ports

Forth Ports has agreed to open up its books to the group wanting to take it over

Forth Ports is being newly targeted for takeover.

The group has been valued at a £746m - more than £50m above its stock market valuation on Friday.

Forth owns docks in Leith, Grangemouth, Fife, Dundee and Tilbury near London and is Britain's only stock market listed ports company.

Arcus, a private infrastructure investment fund which already owns a fifth of the company, has tabled a conditional offer.

Directors of Edinburgh-based Forth have agreed to open the books to give the bidder further information.

Last year, Forth Ports fought off a bid by a consortium including Arcus, which then valued the company at £640 million.

Arcus is an investment firm which has interests including Euroports, the second largest dry bulk port operator in continental Europe, and Luxembourg-based Alpha Trains, which leases train rolling stock.

The offer to Forth Ports includes a pledge to pay a dividend of 20p-per-share prior to completion of any offer.

The company said: "On the basis of this indicative proposal, the board has agreed that Arcus can undertake certain confirmatory due diligence."