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URS set to takeover Scott Wilson

US firm wins battle for British consultancy company

01 July 2010

US engineering firm URS is set to takeover Scott Wilson in a £233 million deal after weeks of negotiations.

URS won the battle for the British consultancy business after rivals CH2M Hill dropped out of the race by withdrawing their initial offer.

CH2M Hill made an offer of 245p per share on Monday but had to back out of any potential deal after URS raised its own bid to 290p per share - representing a 233 per cent premium on Scott Wilson stock.

Geoff French, Scott Wilson's chairman, claimed the deal would be welcomed by shareholders.

He said: "The increased offer provides a compelling opportunity for Scott Wilson shareholders to realise a significant premium in cash, and reflects the underlying value of Scott Wilson."

URS claimed the deal would help the firm reach untapped markets in the UK.

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