Dubai Ports World raised
its offer for the British port operation Peninsular and oriental steam Navigation Co. to almost $7 billion, beating an offer from Singapore's PSA International
The offer sent P&O's shares up almost 5 percent on January 27.
P&O and DP World, which is owned by Dubai's government, had agreed to the $6.9 billion cash bid. The offer, which amounts to $9.26 per share, topped a $6.3 billion offer from PSA, a unit of Singapore's government-owned investment company Temasek Holdings Pte. P&O had recommended shareholders accept the Singapore bid before Dubai raised the stakes.
Shares in P&0 were trading just below that level at $9.71 on January 27, up 4.6 percent, in London.