ABPH directors, who have accepted Admiral Acquisitions UK Ltd’s revised 910p a share offer as “fair and reasonable” have called an extraordinary general meeting on July 18 in London. If approved by shareholders and regulators, the takeover could become effective on August 14.

Admiral, headed by investment group Goldman Sachs, has upped its bid twice from an initial 810p in an attempt to secure Associated British Ports (ABP), which controls 21 UK ports, and head off a late challenge from the Macquarie Consortium.

ABPH has provided the Macquarie Consortium with due diligence information but the latter has not yet announced a firm bid.

ABP handles about 25% of British seaborne trade, including timber ports such as Newport and Hull.