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16/08/2001
Bidding war for TBI develops following Vinci offer
TBI, which controls numerous airports throughout the world including Belfast International Airport, is poised to become the target of a takeover war, following a bid from French construction giant Vinci.
While dismissing Vinci’s £515m bid as "opportunistic" and inadequate, TBI revealed that Vinci's warning on Tuesday that an offer was on the cards had prompted "a number" of other firms to consider bidding.
TBI revealed that its board was now considering “these expressions of interest” with a view to maximising value for its shareholders. As a result of this statement TBI’s shares rocketed 50 per cent on Tuesday.
This is in stark contrast to August when TBI shares slumped by one third in a week, after it was revealed that bmi British Midland was to withdraw Heathrow and East Midlands services from Belfast International, a move which it is estimated will cut airport revenue by up to £6m a year. (MB)
While dismissing Vinci’s £515m bid as "opportunistic" and inadequate, TBI revealed that Vinci's warning on Tuesday that an offer was on the cards had prompted "a number" of other firms to consider bidding.
TBI revealed that its board was now considering “these expressions of interest” with a view to maximising value for its shareholders. As a result of this statement TBI’s shares rocketed 50 per cent on Tuesday.
This is in stark contrast to August when TBI shares slumped by one third in a week, after it was revealed that bmi British Midland was to withdraw Heathrow and East Midlands services from Belfast International, a move which it is estimated will cut airport revenue by up to £6m a year. (MB)
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