Harland & Wolff's takeover approach of ISSC 'unequivocally rejected'

Shipbuilding and fabrication company Harland & Wolff said on Friday that its approach for Isles of Scilly Steamship Company had been "unequivocally rejected".

Harland & Wolff said iii had been considering building and/or operating ferries to service a route between the Isles of Scilly and Penzance route, which it believes to be "significantly underserved".

The AIM-listed firm believes there to be a clear strategic, operational, and financial rationale for its proposed acquisition of Isles of Scilly Steamship and said it was disappointed that its approach had been rejected. ISSC said the offer from the group was significantly undervalued.

Harland & Wolff said it would mull over its options and, under takeover rules, will take up to 21 December to firm up a bid for the business.

As of 0950 GMT, Harland & Wolff shares were up 21.68% at €0.14 each.

Reporting by Iain Gilbert at Sharecast.com