THE consortium circling the UK's largest operator of ports, including Southampton, is reported to be preparing an improved £2.4 billion takeover offer

Goldman Sachs, which is leading the bid group, is expected to have to pay at least 800p a share if it wants to win control of Associated British Ports.

ABP has rejected an indicative offer worth 730p a share from the consortium which features Canadian investment house Borealis Infrastructure Management and Singapore-based GIC Special Investments.

ABP operates from 21 sites in the UK including Hull, Grimsby, Port Talbot and Southampton and employs more than 3,000 people worldwide.

It also has a number of businesses offering specialist services, while US-based division AMPORTS provides port-located vehicle-processing services.

It was reported yesterday that the Goldman-led consortium was continuing to seek a recommendation from the board of AB Ports and had no intention of going hostile.

But the report said ABP might value itself above what the consortium is willing to pay, particularly after Gordon Brown used his Budget to pave the way for firms with substantial property interests to set up tax-efficient Real Estate Investment Trusts (REITs).

ABP impressed the City recently with a better-than-expected 2pc rise in operating profits to £132.3 million.