Kier to complete Mouchel purchase in early June following successful rights issue
Kier have announced that they expect completion of their acquisition of Mouchel on 8 June following the closure of their rights issue.
The £265m takeover is being financed by a £340m rights issue which the announced on 28 April.
The company confirmed that 36.3 million new shares were bought at 858 pence per share out of an offering of 39.6 million new shares. This represents approximately 91.6% of the total number of new shares issued.
J.P. Morgan Securities and Numis Securities, who are the joint bookrunners on the rights issue, are to attempt to procure subscribers for the remaining 3.3 million new shares.
Speaking to Building in March Haydn Mursell, chief executive at Kier, said the company was pursuing the Mouchel deal in order to win a place on the Highways Agency’s valuable trunk road maintenance frameworks.