November 4, 2013 [SeeNews] - The board of directors of UK-based oil products terminal operator Pan European Terminals would not recommend Belphar's possible takeover offer of GBP 0.22 per share, as the proposal undervalues Pan.
British Virgin Islands-based company Belphar said on October 21 it is considering to place a bid to acquire the entire share capital of Pan. Based on the proposed price per share, the terminals operator is valued at some GBP 23.4 million (USD 37.4m/EUR 27.7m).
Belphar, which now holds 29.9% of Pan’s shares, also said it had entered into agreements which might increase its holding to 49.3%.
Pan’s board also said that Belphar had not shown interest in conducting due diligence of the terminals operator, or in receiving non-public information about its takeover target.
The board said it would propose to postpone the general meeting to November 18 as it would give more time to continue the talks with Belphar, and consider its offer. The meeting was scheduled to be held today.
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 cu m (13.6 million cu ft).
