The investors, called Northstream, who already own 27 per cent of the firm, had a bid worth 1,340p a share knocked back. But shareholders are holding out for a higher bid. The latest bid, which values the dockyard owner at £612m, trumped an earlier offer of 1,285p a share. City A.M. has learned Northstream, is likely to make a higher bid. The group wants to get Forth back around the table but has thus far seen its advances spurned. The consortium has clashed with Forth, led by chief executive Charles Hammond, over the value of property assets it owns. The stock closed at 1,403p.
JP Morgan is advising Northstream on its bid. Heading up the team is Mark Breuer, its vice chairman who previously served as head of its mergers and acquisitions team. He was one of five JP Morgan executives to make the board after the bank’s joint venture with Cazenove.
He advised on L’Oreal’s acquisition of The Body Shop. He also acted for George Wimpey on its merger with Taylor Woodrow.
Breuer led the team which helped Manitowoc acquire Enodis and was a prominent figure in KKR’s acquisition of Boots. He played a key role in Linde’s acquisition of rival BOC.