Goldenport a takeover target

Goldenport a takeover target

London: Greek dry bulk and small containership owner Goldenport Holdings has revealed itself as an acquisiton target for an unknown buyer.

The London-listed company was responding to a jump in its share price since Wednesday from around GBP1.18 ($1.87) to as high as GBP1.42 ($2.26).

Goldenport revealed it has been approached by a potential bidder which may lead to an offer, with an indicative price of GBP1.20 ($1.91) per share in cash. Discussions are still at an early stage, and the company said that any offer would be subject to it being recommended by the independent directors of Goldenport.

“We are navigating through what is arguably the worst dry bulk market of the last 30 years,” said Goldenport’s CEO, John Dragnis, last month in a statement after it posted a loss of $27.1m for 2014.

Goldenport owns eight dry bulk vessels, made up of 7 supramaxes and a post panamax, and six containerships ranging between 976 and 5,551 teu.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

Related Posts