In major news on UK stocks, leading cruise port operator Global Ports Holding PLC (GB:GPH) confirmed an offer by its parent company, Global Yatırım Holding, to take it private. On June 14, Global Yatirim, which has a 59% stake in GPH, announced that it is considering making a cash offer of $3 per share to buy the remaining stake in Global Ports. GPH shares fell more than 2% as of writing.
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Global Ports said that it would consider the non-binding proposal and make a statement when appropriate. The parent company has time until July 12 to make a formal offer.
Global Ports Might Go Private
Global Yatirim, a Turkey-based investment firm, said that it is “convinced” of the advantages of taking its subsidiary Global Ports private and delisting the company. While the parent company is in discussions with potential funding providers for the deal, it cautioned that there is no certainty that a formal offer will be made.
Global Ports is witnessing strong demand. Last week, the company disclosed that it saw 13.4 million passengers across its consolidated port network in the 12 months ended March 31, 2024, reflecting a 46% year-over-year growth. The company has been expanding its port network through the addition of new cruise ports. It expects passenger numbers to continue to rise and estimates more than 16 million passengers in the current Fiscal Year.
That said, there are concerns about lower pricing in important cruise ship markets. Global Ports shares have declined more than 12% so far this year.
