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Balfour Beatty Rejects Third Carillion offer
Published on 19/08/2014
The Board of Balfour Beatty has rejected a third, and potentially final, revised offer from Carillion over a merger between the two companies.
Carillion had made a third improved offer to Balfour Beatty’s major shareholders with the hope that tomorrow’s 17:00 ‘Put Up or Shut Up’ might be extended.
However, Balfour Beatty has swiftly rejected the offer which would see their shareholders take a 58% share of the combined firm as well as cash dividend of 8.5p per share.
In a statement released on its website, Balfour Beatty expressed further concerns that the revised proposal fails to address key concerns outlined in the last proposal. Carillion’s latest offers continues its intention to terminate the sale of Parsons Brinckerhoff which has proved a sticking point with Balfour Beatty.
The statement also outlines Balfour Beatty’s concerns over “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.”
This could potentially be the final offer made by Carillion as Balfour Beatty has stated that it isn't interested in an extension of the PUSU deadline.
Carillion had made a third improved offer to Balfour Beatty’s major shareholders with the hope that tomorrow’s 17:00 ‘Put Up or Shut Up’ might be extended.
However, Balfour Beatty has swiftly rejected the offer which would see their shareholders take a 58% share of the combined firm as well as cash dividend of 8.5p per share.
In a statement released on its website, Balfour Beatty expressed further concerns that the revised proposal fails to address key concerns outlined in the last proposal. Carillion’s latest offers continues its intention to terminate the sale of Parsons Brinckerhoff which has proved a sticking point with Balfour Beatty.
The statement also outlines Balfour Beatty’s concerns over “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.”
This could potentially be the final offer made by Carillion as Balfour Beatty has stated that it isn't interested in an extension of the PUSU deadline.
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