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PSA may still launch last-minute counter-offer for P&O: analysts
SINGAPORE : It is just days before shareholders of the British ports and ferries group P&O meet to vote on a takeover offer from Dubai Ports World.
And analysts tell Channel NewsAsia that it is still too early to write off a last-minute challenge from Singapore port operator PSA.
In fact, some believe that the real bidding war is only just about to unfold.
After Dubai Ports World returned to the table with a new offer that was higher than PSA's, there was talk that a bidding war would break out for P&O.
So far, though, PSA has yet to make its next move,and there is talk that it might in fact throw in the towel.
Some argue that it would be impossible for PSA to outbid Dubai Ports.
But as Monday's deadline nears for P&O shareholders to vote on the Dubai offer, other analysts believe the real bidding war is only about to begin.
They say P&O is an opportunity too good to let go.
Priya Gupta, Associate Director-Corporates, Fitch Ratings, said, "P&O is a unique asset and they have a well-diversified mix of both the developed and developing world assets.
"So if you look at the portfolios held by the rival bidders, PSA and DP World, you will see the portfolio ports held by P&O, it's largely complementary to the portfolios of the rival bidders."
She added, "In business terms there's great strategic value to P&O's assets, and we think it is net positive to the businesses of either DP World or PSA. But in financial terms, it is a large transaction, in the region of 3.5 billion pounds.
"And the financial implications would really depend on the eventual financing structure and the level of pressure it brings to bear on the financial profile of the ultimate acquirer."
While the P&O board has made its recommendation based on price, some say the strength of the bidding company is a key factor to consider.
Roger Tan, Investment Analyst, SIAS Research, said, "The target company will usually look at a few other points. One, is that the management that is taking over the company has a good track record. Two, when the management comes in, whether their corporate culture would gel with the target company's corporate culture. Last but not least, whether the management that is coming in would be able to add value to the firm after taking over. So price is not the only major consideration."
A tie-up between P&O and PSA would create the world's largest ports group.
PSA has not disclosed how it plans to finance the P&O purchase, and there are concerns it may take on too much debt.
Dubai Ports, on the other hand, is reported to have issued a US$3.5 billion Islamic bond last month to fund the deal. - CNA/ms
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/192243/1/.html