The Hindu Business Line : P&O stockholders approve DP World bid

STOCKHOLDERS of The Peninsular and Oriental Navigation Company (P&O) have passed a number of resolutions approving the proposed acquisition by DP World at meetings held in London.

P&O stockholders approved the offer by DP World after it upgraded its offer to $6.8 billion (£3.9 billion) at 520 pence per share. The higher bid for the prestigious UK ports group follows over a month of competition between DP World and Singapore's PSA to acquire P&O. PSA recently backed out from making a revised offer following DP World's decision to hike up its buying price to 520 pence per share.

According to a statement issued by DP World and made available to Business Line, the transaction has also been chaired by all the relevant regulatory authorities, the Committee on Foreign Investment in the United States and the United States Hart-Scott-Rodino Antitrust Improvements Act. The parties continue to anticipate closing by March 2.

The voting convened in connection with the recommended acquisition of P&O by DP World, was held and all the resolutions proposed were approved by the necessary majorities of stockholders.

At the adjourned Deferred Stockholders Court Meeting, a majority in number of Deferred Stockholders who voted (either in person or by proxy), representing 99.52 per cent by value, voted in favour of the resolution to approve the Deferred Scheme. Accordingly, the resolution was passed.

Each of the adjourned P&O meetings convened in connection with the recommended acquisition of P&O by DP World, was held and all the resolutions proposed were approved by the necessary majorities of Stockholders. Other than the sanction of the Court, which will be sought at a hearing expected to be held on February 27, all conditions to the completion of the Offer, the Concessionary Stock Acquisition and the Preferred Stock Cancellation have now been satisfied or waived. Therefore, it is expected that completion of the acquisition will occur on March 2, the statement said.

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