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20/08/2014
Construction Company's Merger Offer Rejected For Third Time
Construction company Balfour Beatty has again rejected a merger offer from Carillion.
Carillion, considered as a smaller rival to Balfour Beatty, has made three merger offers but each one has been rejected, despite better terms being offered every time.
Rejecting the offer, Balfour Beatty said that it had two concerns:
• The considerable risks associated with the proposed business plan, including the strategy to significantly reduce the scale of the UK Construction business when it is poised to benefit from a recovery in the market.
• The continued intention to terminate the sale of Parsons Brinckerhoff at a point when it is reaching a successful conclusion.
In a statement Balfour Beatty said: "Accordingly, the Board has unanimously concluded that the proposal is not in the best interests of its shareholders and has decided to reject the proposal. Therefore the Board will not be seeking an extension to the PUSU (Put Up or Shut Up) deadline of 5pm on 21 August 2014."
Under merger rules Carillion will now have to wait six months before it could make a fourth offer.
(MH/CD)
Carillion, considered as a smaller rival to Balfour Beatty, has made three merger offers but each one has been rejected, despite better terms being offered every time.
Rejecting the offer, Balfour Beatty said that it had two concerns:
• The considerable risks associated with the proposed business plan, including the strategy to significantly reduce the scale of the UK Construction business when it is poised to benefit from a recovery in the market.
• The continued intention to terminate the sale of Parsons Brinckerhoff at a point when it is reaching a successful conclusion.
In a statement Balfour Beatty said: "Accordingly, the Board has unanimously concluded that the proposal is not in the best interests of its shareholders and has decided to reject the proposal. Therefore the Board will not be seeking an extension to the PUSU (Put Up or Shut Up) deadline of 5pm on 21 August 2014."
Under merger rules Carillion will now have to wait six months before it could make a fourth offer.
(MH/CD)
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