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20/08/2014
Balfour Beatty Rejects Carillion's Third Merger Proposal
Construction firm Balfour Beatty has turned down Carillion's third merger proposal.
The firm said it rejected the offer because it failed to address concerns about downsizing and the plan to stop the sale of Parsons Brinckerhoff.
Balfour Beatty announced two main 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."
(CD/JP)
The firm said it rejected the offer because it failed to address concerns about downsizing and the plan to stop the sale of Parsons Brinckerhoff.
Balfour Beatty announced two main 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.
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• 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."
(CD/JP)
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