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Balfour Beatty snubs third Carillion bid as takeover deadline looms Balfour Beatty snubs third Carillion bid as takeover deadline looms
(35 minutes later)
Balfour Beatty has rejected a third takeover bid from rival Carillion worth more than £2 billion.Balfour Beatty has rejected a third takeover bid from rival Carillion worth more than £2 billion.
Balfour said today Carillion’s improved offer, proposed yesterday, failed to address its key concerns. Balfour said today Carillion’s improved offer, proposed yesterday, failed to address its key concerns. Carillion hopes to purchase Balfour before the latter sells its US arm and Balfour said it remains unconvinced that a merger with Carillion will deliver the costs savings its rival suggests.
Carillion hopes to purchase Balfour before the latter sells its US arm and Balfour said it remains unconvinced that a merger with Carillion will deliver the costs savings its rival suggests.
Balfour said: “The board has unanimously concluded that the proposal is not in the best interests of its shareholders and has decided to reject the proposal.”Balfour said: “The board has unanimously concluded that the proposal is not in the best interests of its shareholders and has decided to reject the proposal.”
Balfour said the ‘Put Up or Shut Up’ deadline of tomorrow at 5pm would not now be extended. The company believes the UK market’s recovery will help boost its ailing performance. Balfour said the ‘Put Up or Shut Up’ deadline of tomorrow at 5pm would not now be extended. The company believes the UK market’s recovery will help boost its ailing performance. The improved offer by Carillion on Tuesday represented a 36 per cent premium to the average price of Balfour shares.
The improved offer by Carillion on Tuesday represented a 36 per cent premium to the average price of Balfour shares.
But Balfour said Carillion's offer failed to address its two key concerns. Carillion's improved offer would have given Balfour shareholders control of 58.268 per cent of the combined company, rather than 56.5% under the previous offer.But Balfour said Carillion's offer failed to address its two key concerns. Carillion's improved offer would have given Balfour shareholders control of 58.268 per cent of the combined company, rather than 56.5% under the previous offer.