QIC has exited the bidding process for Peel Ports, sources close to the situation said, leaving a small group of bidders in the second round of the sale.
QIC submitted a first round bid for the UK port operator on 30 September but is no longer involved in the process, the sources said.
One of the sources said QIC bid for a smaller stake than Peel Ports’ main shareholders, DWS and Peel Group, are looking to sell. Another said that it fell short of the sellers’ price expectations.
DWS declined to comment. QIC and Peel Group did not respond to a request for comment.
Equitix, AustralianSuper and Peel Ports’ existing shareholder APG prepared bids for Peel Ports.
Peel Ports operates ports at Liverpool and other locations around the UK and Ireland for commodities and other cargo as well as cruises.
Equitix, AustralianSuper and APG declined to comment.