ABP Shares Surge After Buyout Approach

Tuesday, May 02, 2000
Shares in Britain's biggest port operator, Associated British Ports Holdings Plc, were nearly 20 percent higher Tuesday after officials reported the company had received a buyout approach that significantly undervalued the company.

ABP did not say who made the informal offer, but advised shareholders to take no action. Industry sources said the approach, worth about $1.6 billion, had been made by Nomura International, the London-based investment bank arm of Nomura Securities Co. Ltd., Japan's biggest securities house.

Nomura has a reputation for acquiring underperforming businesses, restructuring them and then selling them.

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