CP Ships’ share price above TUI’s offer

CP Ships’ share price above TUI’s offer

   CP Ships' share price on the New York Stock Exchange closed Friday up 2.72 percent, or by 60 cents to $22.67, above that of TUI AG’s recent $21.50-per-share offer for the shipping group.

   CP Ships’ share price has improved steadily ever since TUI, Hapag-Lloyd’s parent company, placed its offer, worth $2.3 billion, on Aug. 21.

   Speculation remains that a higher bid for CP Ships will soon materialize. French carrier CMA CGM is the only other carrier to publicly state it has been in talks to takeover CP Ships.

   CP Ships' board has recommended that its shareholders accept TUI’s bid. TUI’s offer is open for acceptance until Oct. 7, and to be successful requires acceptance by two-thirds of CP Ships shareholders.