$1.1-Billion Bid for Sea Containers: Sweden’s Stena...

$1.1-Billion Bid for Sea Containers: Sweden’s Stena AS and Britain’s Tiphook have made a firm bid of about $1.1 billion to acquire the cargo, tanker and ferry operations of Sea Containers Ltd., crushing speculators’ hopes for substantial stock gains. The “irrevocable” bid was officially made by Temple Holdings Ltd., the joint venture set up by the two European shipping concerns for the proposed acquisition of Sea Containers. Both Sea Containers and Temple Holdings are incorporated in Hamilton, Bermuda. Containers President James Sherwood said he was “prepared to recommend acceptance” of the $1.1-billion deal.