October 24, 2013 [SeeNews] - Belphar Ltd, a newly-established company in the British Virgin Islands, said Monday it is considering to place a bid to acquire the entire share capital of UK-based hydrocarbon refined product storage and transshipment terminals operator Pan European Terminals for GBP 0.22 a piece.
Belphar, which now holds 29.9% of Pan’s shares, has entered into agreements which might increase its holding to 49.3%.
Based on the proposed price per share, Pan is valued at some GBP 23.4 million (USD 37.8m/EUR 27.5m).
Pan said it would shortly determine its position on the proposed takeover and advised meanwhile its shareholders not to sell their shares.
Pan European Terminals operates one storage and transshipment terminal in Denmark and two terminals in Russia. The company also leases and operates tanks in Rotterdam. The group’s tank capacity amount to some 385,000 cubic metres.
