Menu
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)
Related UK National News Stories
Click here for the latest headlines.
18 July 2005
Engineering firm pleads guilty to Hatfield safety breach
Engineering firm Balfour Beattie has pleaded guilty to the charge that it breached safety standards before the Hatfield train disaster, in which four people died. The change of plea comes after the company, and five of its managers, were cleared of corporate manslaughter charges last week.
Engineering firm pleads guilty to Hatfield safety breach
Engineering firm Balfour Beattie has pleaded guilty to the charge that it breached safety standards before the Hatfield train disaster, in which four people died. The change of plea comes after the company, and five of its managers, were cleared of corporate manslaughter charges last week.
06 March 2008
'Disgraceful' Pay Offer Rejected By Prison Officers
Prison officers in England and Wales have turned down a 2.2% pay deal, calling the offer "disgraceful". The Prison Officers Association (POA) said a massive 85% of their members throughout England and Wales cast ballots rejecting the offer, leading to widespread speculation of further confrontation with the government.
'Disgraceful' Pay Offer Rejected By Prison Officers
Prison officers in England and Wales have turned down a 2.2% pay deal, calling the offer "disgraceful". The Prison Officers Association (POA) said a massive 85% of their members throughout England and Wales cast ballots rejecting the offer, leading to widespread speculation of further confrontation with the government.
08 December 2005
NTL offer rejected by Virgin Mobile
The board of Virgin Mobile has rejected an £817 million takeover bid from cable company NTL, saying that it “undervalues” the company.
NTL offer rejected by Virgin Mobile
The board of Virgin Mobile has rejected an £817 million takeover bid from cable company NTL, saying that it “undervalues” the company.
07 May 2004
Pinewood Shepperton share offer promises £46m
The share launch by UK film studio complex Pinewood Shepperton on the London Stock Exchange today was expected to net £46.2 million, but the oversubscribed share offer promises to net the company much more. The studios, home to Harry Potter and James Bond film productions, announced today that the shares had been launched at 180 pence each.
Pinewood Shepperton share offer promises £46m
The share launch by UK film studio complex Pinewood Shepperton on the London Stock Exchange today was expected to net £46.2 million, but the oversubscribed share offer promises to net the company much more. The studios, home to Harry Potter and James Bond film productions, announced today that the shares had been launched at 180 pence each.
01 February 2010
Work Starts On £50m Wales Bypass
Construction work has commenced on the new £50m Porthmadog Bypass project in Wales. This new section of the A487, backed by the Welsh Assembly, will improve journey times, ease congestion and significantly improve environmental conditions within Porthmadog, Minfford and Tremadog.
Work Starts On £50m Wales Bypass
Construction work has commenced on the new £50m Porthmadog Bypass project in Wales. This new section of the A487, backed by the Welsh Assembly, will improve journey times, ease congestion and significantly improve environmental conditions within Porthmadog, Minfford and Tremadog.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
