Consortium uses Tulchan to handle British Ports bid

A multinational consortium led by Goldman Sachs has brought in Tulchan for its bid for the UK’s biggest ports operator.

The Admiral Consortium’s £2.4bn offer for Associated British Ports Holdings (ABP), made last week, is likely to be made official in July after a period of due diligence.

Tulchan won the brief without a pitch, having worked on projects with Goldman Sachs in the past. Ex-consultant Kate Inverarity has previously worked on secondment at the bank.

Agency consultant David Trenchard leads the account, reporting to the Admiral Consortium.

The ports firm, which is using Finsbury, rejected a ‘wholly inadequate’ initial approach from the consortium on 29 March, but regards last week’s approach as more acceptable.

Shares in ABP soared by 15 per cent immediately after the announcement.

The revised offer follows a good year for ABP. Last week it sold US outfit Amports for £58m to an
affiliate of US private equity firm Lincolnshire Equity.

The offloading is intended to allow ABP to focus its attention on UK ports.

The firm has reaped £400m from the sale of non-core assets since 2000.

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