This website uses cookies primarily for visitor analytics. Certain pages will ask you to fill in contact details to receive additional information. On these pages you have the option of having the site log your details for future visits. Indicating you want the site to remember your details will place a cookie on your device. To view our full cookie policy, please click here. You can also view it at any time by going to our Contact Us page.

Alfred McAlpine rejects bid from Carillion

16 October 2007

In response to an announcement by Alfred McAlpine, Carillion has confirmed that it has approached the Board of Alfred McAlpine with a view to entering into discussions about a possible offer for the company. at 570p per ordinary share. The restructuring of Alfred McAlpine, which includes the creation of a separately listed Business Services Group, is scheduled to be completed by Spring 2008. Carillion says it will continue to evaluate all strategic opportunities, including Alfred McAlpine

The Alfred McAlpine Board confirms that on 13 August 2007, it received an approach from Carillion plc at an indication of 560 pence per ordinary share, comprising 25 per cent. in cash and the balance in Carillion ordinary shares. On 15 October 2007, the Company received a proposal from Carillion at 570 pence per ordinary share, again comprising 25 per cent. in cash and the balance in Carillion ordinary shares. The Board of Alfred McAlpine has rejected this proposal as it believes that it materially undervalues the Company, particularly in light of the Company’s strong recent results; the expected value from the demerger; and the low implied premium.

On 2 August 2007, the Company released its interim results, which showed significant growth of 27 per cent. in underlying profit before tax, demonstrating the continued momentum across the Group during that period. Furthermore, as announced on 4 October 2007, the restructuring of the Group continues to make good progress:

· the sales of the PFI portfolio and Slate business are proceeding well, with a substantial level of interest from both trade and financial buyers;

· the creation of a separately listed Business Services Group with strong positions in the attractive facilities management and consultancy markets, with continuing high growth opportunities; and

· the creation of an integrated Infrastructure and Project Services business with strong positions in the civil engineering and building markets and in the growing market for the repair, maintenance and renewal of the nation's ageing infrastructure.

The demerger is on schedule for completion during Spring 2008.

Carillion believes that Alfred McAlpine would represent an attractive acquisition and that a combination of the two companies would present an excellent strategic fit, creating a leading position in support services and integrated solutions and generating an opportunity to extract significant cost savings.

Carillion notes that the Board of Alfred McAlpine has today rejected this approach. Carillion will continue to evaluate all strategic opportunities, including Alfred McAlpine, based on a disciplined and value-driven approach to earnings, indebtedness and returns. There can be no certainty that any further proposal will be made to the board of Alfred McAlpine or that any offer or transaction will result or as to the terms on which any offer or transaction might be made.

www.alfredmcalpineplc.com







More information...

Print this page | E-mail this page

https://www.dettol.co.uk/
https://www.floorbrite.co.uk/


MOST VIEWED...

View more articles
Article image

PPE regulations to be extended from April

According to the Health and Safety Executive (HSE) the Personal Protective Equipment at Work (Amendment) Regulations 2022 (PPER 2022) will come into effect...
Article image

Center Parcs goes cashless with Systopia

Systopia, which deals with cashless payment systems, has secured a contract with UK Short Break Operator Center Parcs to provide cashless payment systems i...
Article image

Launch of PFM Partnership Awards 2022 categories

With the categories for the PFM Partnership Awards 2022 now live, entries can be submitted at any time between now and the deadline of Wednesday, 11 May....

Issues of back flushing PIC valves explained

The popularity of Pressure Independent Control (PIC) valves over the last few years has significantly increased and now are the popular choice of many syst...
Article image

Why the Law Says You Need a Nappy Bin Disposal Service

At home, parents are used to disposing of their babies’ used nappies the same way they do any other domestic waste - bagging it up and sticking it in the r...
http://edition.pagesuite-professional.co.uk/Launch.aspx?PBID=78915b1c-0f11-4b5e-9468-ba601ad89761
https://www.uhubglobal.com/