Alfred McAlpine says it has received two unwelcome bids from rival in just over two months
Alfred McAlpine has revealed Carillion made two unsuccessful bids to buy the company in little over two months.
In a statement to investors today, the troubled construction firm said Carillion had made an initial approach on 13 August, followed by another on Monday.
The August bid was for 560p per share comprising 25% of the business, while yesterday’s bid was for 570p per share comprising the same percentage.
Both approaches were rejected by Alfred McAlpine’s board, which claims the latest offer continues to undervalue the company.
Alfred McAlpine announced interim results in August showing pre-tax profits had risen by 27% over the six-month period to 31st June, but announced it would demerge and sell its PFI portfolio and slate division after a fraud investigation cost the group £56m. It has been the subject of takeover rumours ever since.
The statement said: “The board of Alfred McAlpine remains convinced of the potential for significant value creation for shareholders from its current strategy.”