URS set to takeover Scott Wilson
US firm wins battle for British consultancy company
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
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
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.