Carillion and Balfour Beatty – what you need to know August 20, 2014 This morning – a day ahead of the “put up or shut up” deadline – construction firm Balfour Beatty rejected a third bid from Carillion, despite the offer being increased by 15.5 per cent to £2.08bn. The revised deal also offered Balfour shareholders 58.27 per cent of the combined company, up from 56.5 per cent [...]
Carillion and the Balfour Beatty bid – the story in numbers August 20, 2014 This morning Balfour Beatty rejected Carillion's bid for a third time. We break down the story in numbers £3bn – the total value of a combined business should the merger go ahead. 5pm – the “put up or shut up” deadline tomorrow (21 August) for Carillion's final offering. 3 – the number [...]
Third time not lucky: Balfour Beatty shares open 5.7% lower as it rejects another Carillion merger offer August 20, 2014 Balfour Beatty has rejected a third merger offer from Carillion, as they remain unwilling to end the planned sale of US design consultancy Parsons Brinkerhoff. Construction services group Carillion yesterday offered a sweetened merger proposal to Balfour in the hope of finally coming to an agreement that has failed to materialise since Carillion first approached [...]
Balfour Beatty share price jumps as Carillion raises merger bid August 19, 2014 Carillion, the construction services group, yesterday sweetened its takeover offer for Balfour Beatty in the hope it would break through the wall of resistance from its rival and convince an intransigent chairman and his team of advisers to return to the negotiating table. The raised bid, which values Balfour Beatty at £2.1bn, comes as the [...]
Balfour Beatty share price leaps as Carillion raises merger offer August 19, 2014 Carillion has upped its offer for Balfour Beatty for a third time as the deadline looms for a potential mega-merger between the two construction firms. The renewed offer values Balfour Beatty at more than £2bn and offers shareholders a 58.27 per cent share in the new company, up on the previous offer of 56.5 per [...]
Balfour Beatty looks to sell US arm Parsons Brinckerhoff in latest Carillion merger battle twist August 18, 2014 The long battle over a possible £3bn mega-merger between Carillion and Balfour Beatty took another turn last night, as Balfour was believed to be in advanced negotiations to sell its US business Parsons Brinckerhoff (PB) to a Canadian bidder, adding to the pressure facing Carillion as it has been considering its options for another offer [...]
Clock ticking as Carillion mulls Balfour Beatty options to sweeten £3bn mega-merger deal August 17, 2014 The saga of a potential £3bn mega-merger between construction giants Carillion and Balfour Beatty has entered its endgame, with Carillion considering its options to entice its rival as the clock ticks down on the chances of a deal. Carillion has until this Thursday to make another approach to its reluctant rival, after which it will [...]
Balfour Beatty rejects Carillion merger for the second time August 15, 2014 Infrastructure firm Balfour Beatty has reaffirmed its rejection of a merger with Carillion. Balfour's board said it had considered the potential for synergies, risk of revenue and cost leakage and the impact of terminating the Parsons Brinckerhoff sales process. However, it came to the conclusion that an independent strategy, all the benefits of which will [...]
Balfour warns Carillion not to build on its bid August 14, 2014 BALFOUR Beatty yesterday defended its decision to reject a takeover approach from Carillion, after the rival construction firm sweetened its offer with an additional dividend. Carillion had argued that a merger – which would create a £3bn construction giant – would deliver £175m in annual cost savings. It said it had held meetings with several [...]
Carillion board tries to woo Balfour Beatty with cost-cutting plan August 14, 2014 A merger between Carillion and Balfour Beatty could save as much as £175m a year, according to a statement issued by the infrastructure giant today. The two businesses met on Monday (August 11) to discuss the move, with “significant synergies” between the two businesses having been identified, Carillion said. This includes cost savings [...]