Weekend reports suggest that approach has been made for non-building parts of Gleeson's business.

Construction services firm Gleeson has rejected an offer from a mystery investor to acquire the company, in the latest twist in the current takeover frenzy.

Reports at the weekend suggested that the firm had been approached for the non-building parts of the business. Gleeson offloaded its construction business in the middle of last year after increased losses.

Gleeson announced today that it had turned down the bid, which was from an AIM quoted investor rather than a fellow construction firm.

It said: “The Board of Gleeson confirms that it has formally rejected an outline proposal from a third party not connected with the Board or management of the Company to acquire the entire issued share capital of the Company.”

“The third party is an AIM quoted investment holding company with no active employees or connection with the construction, housebuilding or property sectors.”

“The Proposal, which was conditional and subject, inter alia, to due diligence, comprised shares in the Vehicle and a partial cash alternative (subject to funding) at 345p per Gleeson share.

“The Proposal envisaged that the Board of the combined company would comprise Gleeson's current Chairman and Chief Executive, its new Financial Director, and four non-executive directors, two of whom would be nominated by Gleeson.

“Assuming full acceptance of the share element of the Proposal, Gleeson shareholders would have owned in aggregate approximately 97 per cent of the combined group's issued share capital.”