The board of Global Ports Holding (GPH), the Istanbul based company that is the world’s biggest cruise port operator, has terminated talks with a company that is part of the MSC Mediterranean Shipping Company Holdings group regarding a possible takeover of GPH.

On 15 June, GPH received an approach regarding a potential cash offer for all of the shares in the Company by SAS Shipping Agencies Services Sarl, a wholly-owned subsidiary of MSC Mediterranean Shipping Company Holdings S.A (MSC), and discussions were ongoing. “GPH’s board of directors has now terminated these talks with SAS,” the port operator said in a statement.

“GPH’s board of directors remains confident in GPH’s strategic direction as an independent port operator with open access cruise port concessions and arm’s length treatment of berthing rights for all its customers. The GPH board continues to be focussed on delivery of our strategic goals and long-term value creation, that reflects the strategic strength of GPH and its growing network of cruise ports, for the benefit of all shareholders,” the company said.