A consortium of investors set up to take over port operator PD Ports confirmed yesterday that it was not making a fresh offer for the company. Endeavour Ports, a consortium consisting of FTSE 100-listed 3i, and two Australian investment firms, one of which is owned by Australia's richest man Kerry Packer, said its initial offer for PD Ports had lapsed.

In a takeover race for PD, which operates the Tees and Hartlepool ports, its bid was beaten by one from investment company Babcock and Brown, which is also Australian. Teesport is now expected to be bought by Babcock in the New Year.

BINGO TAKEOVER: The UK's third-largest bingo club business has agreed the £11m takeover of another operator. Top Ten, which is the biggest chain after Mecca and Gala, added clubs in Rhyl, Caernarfon and Blackpool to its portfolio through the deal for Apollo Bingo. Top Ten began with 11 clubs in 2002 and will have 41 clubs and nearly three million players a year following the latest deal. It said it was looking for further acquisitions.

ROLLING OUT: United Carpets rewarded investors with their first dividend payment yesterday after overcoming tough conditions to report a pick-up in sales. The group, which floated on the stock market in February and has 60 stores, said same-store sales grew by 4.7 per cent in the past three months, compared with a 0.3 per cent rise in the first half of its financial year. Its performance was boosted by increased advertising and aggressive promotions, although the subsequent impact on margins and the weaker sales position at the start of the period contributed to profits falling to £470,000 in the six months to September 30 from £1.2m last time.

SHOW BUYOUT: One of the country's oldest shoe shops is under new ownership after a £50m management buyout. The deal for Leicester's Stead and Simpson, which was founded in 1834 and has more than 400 outlets in the UK, ended a nine-month sale after it began a strategic review in March. The buyout, led by chief executive David Lockyer and finance director Peter Foot, marks the end of the involvement of Development Securities, which invested in the business in the 1980s.