Balfour Beatty has rejected a third sweetened £2 billion merger bid from rival Carillion arguing that the “considerable risks” outweigh any benefits to its business and shareholders.
Carillion’s revised offer dated 19 August failed to address two critical points for Balfour, the FTSE250 construction group said. These relate to Carillion’s backtracking on the planned sale of engineering business Parson Brinckerhoff and the plan to scale back Balfour’s construction business “when it is poised to benefit from a recovery in the market”.
Balfour said its board “unanimously concluded” that the revised bid was not “in the best interests” of its shareholders. The company said in a statement that because of its decision to reject the proposal the board would not apply to extend the "Put Up or Shut Up" deadline of 5pm on 21 August.
The FTSE250 company, which has been suffering from declining profits and the loss of its CEO, said it would continue to focus on simplifying its business as an independent company.more ..
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