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25/09/2001
TBI bid is dropped by Vinci
French construction giant Vinci has announced its offer for TBI, the owners of Belfast International Airport, has lapsed after TBI shareholder acceptances fell below the 90 per cent level needed for the deal to go ahead.
In a press statement Vinci stated that as of 3.00pm London time on Monday 24 September, offers received by Vinci from TBI were 71.46 per cent. However this failed to meet the 90 per cent in nominal value of TBI shares which Vinci required.
“As this condition has not been satisfied,” Vinci stated, “we have decided to allow the offer to lapse.”
News of an offer withdrawal by Vinci was pre-empted by news of a slump in the share price of TBI who run terminals in Belfast, Luton, Cardiff, Sweden and Bolivia.
Industry sources have said the terrorist attacks on America and airline cutbacks threw doubt on the £515 million bid by Vinci, heightened by falling share prices in airline stocks worldwide.
The news has sent TBI shares down as much as 25 percent to a six-year-low of 42 pence and by 12 noon were at 47 pence - well below Vinci's 90p per share offer. Meanwhile, Vinci's shares climbed 6.6 percent to 62.00 euros. (AMcE)
In a press statement Vinci stated that as of 3.00pm London time on Monday 24 September, offers received by Vinci from TBI were 71.46 per cent. However this failed to meet the 90 per cent in nominal value of TBI shares which Vinci required.
“As this condition has not been satisfied,” Vinci stated, “we have decided to allow the offer to lapse.”
News of an offer withdrawal by Vinci was pre-empted by news of a slump in the share price of TBI who run terminals in Belfast, Luton, Cardiff, Sweden and Bolivia.
Industry sources have said the terrorist attacks on America and airline cutbacks threw doubt on the £515 million bid by Vinci, heightened by falling share prices in airline stocks worldwide.
The news has sent TBI shares down as much as 25 percent to a six-year-low of 42 pence and by 12 noon were at 47 pence - well below Vinci's 90p per share offer. Meanwhile, Vinci's shares climbed 6.6 percent to 62.00 euros. (AMcE)
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