THE takeover battle for civil engineering consultancy Mouchel looks set to continue after rejected suitor VT Group said it still wanted to seal a deal.
VT confirmed today that it had put forward an offer of 250p per share for Mouchel, which has a 50% stake in the 20/20 Liverpool joint venture with Liverpool City Council.
Mouchel yesterday said it had “unanimously rejected” two offers from VT. It said VT’s approached were “wholly inadequate and at a level which substantially undervalues the company.”
But VT said today: “The board of VT believes that a combination of VT and Mouchel represents a strategically compelling proposition.
“The enlarged group would continue to have a strong focus on the public sector and its increased scale and enhanced capabilities would provide greater access to larger contract opportunities.
“The increased customer base and wider range of services would firmly establish the enlarged group as a leading provider of services to both central and local government agencies and to regulated industries.
“VT has again requested a meeting with Mouchel to understand the basis of its rejection with a view to entering into a constructive dialogue and working towards a recommended offer that would deliver value to both sets of shareholders.”
It has been reported that rival outsourcing groups Capita and Serco could also bid for Mouchel.
Similar Posts:
- GTECH signs 10-year contract with Pan Malaysian Pools for new lottery system
- Cisco to acquire BNI Video
- Repossessions increase by 15 percent
- Providing Commerce Solutions for the Digital Age
- Liverpool brewer Cains predicts US export deal for new year
