A company in the MSC Mediterranean Shipping Company Holdings S.A. group may launch a cash offer to acquire all shares in Global Ports Holding (GPH), the London listed and Istanbul based cruise port operator.

“The Company notes the recent media speculation regarding the Company. In accordance with Rule 2.4 of the Code, the Company confirms that, following expressions of interest made to Global Yatırım Holding A.Ş (Global Investments  Holding, the Company’s majority shareholder), the Company received an approach regarding a potential cash offer for all of the shares in the Company by SAS Shipping Agencies Services Sarl (“SAS”), a wholly-owned subsidiary of MSC Mediterranean Shipping Company Holdings S.A (“MSC”), and discussions are ongoing,” GPH said in a statement.  

The deliberations are at a preliminary stage and no decisions with respect to an offer have been made. “There can be no certainty that an offer might ultimately be made for the Company nor as to the terms on which any offer might be made,” GPH said.

SAS would have to announce whether or not it will make an offer by 5pm London time on 13 July. However, the deadline could be extended in some cases, GPH continued.

GPH operates 26 cruise ports in 14 countries. Shares in the company surged by almost 20% to 109.00 p on the news of a possible bid. However, they have lost 13% of their value in the past 12 months as the cruise industry has faced challenging times with the Covid-19 pandemic. In the past five years, they have plummeted by 83% on the pandemic and poor profitability before it.

MSC Cruises that is owned by MSC Mediterranean Shipping Company Holdings is the world's largest privately owned cruise shipping company.

Photo: Cruise ports in the Canary Islands are operated by GPH