Global Ports Holding (GPH) has abandoned takeover discussions with SAS Shipping Agencies Services (SAS), a wholly-owned indirect arm of Mediterranean Shipping Company (MSC).
Last month, GPH secured a potential cash offer from SAS for the purchase of all the company’s shares.
It was confirmed after expressions of interest were made to Global Investments Holding, a majority shareholder of GPH.
GPH said that its board is confident in its ‘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 board will prioritise the achievement of strategic goals and long-term value creation for the company.
GPH co-founder, CEO and chairman Mehmet Kutman said: “The board of GPH is wholly committed to the successful execution of our long-term strategy to grow the business and create value for all shareholders while providing industry-leading investment and service levels at our cruise ports for the benefit of all stakeholders.”
Founded in 2004, GPH claims to be the world’s largest cruise port operator, handling operations in the Caribbean, Mediterranean and Asia-Pacific regions.
The company has an integrated network of cruise ports that provide services for cruise liners, ferries and yachts.
The firm operates 26 cruise ports across 14 countries and caters to 15 million passengers.
In addition, the company has a commercial port operation that offers expertise in container and general cargo handling.