John Laing, which has equity stakes in numerous PFI projects, declines approach made two weeks ago.

Laing this morning revealed it is no longer in approach talks, after ruling out an approach by a mystery backer.

The firm, which has equity stakes in numerous PFI projects, was approached two weeks ago by a bidder and the company had been assessing the terms.

The firm said:

"John Laing plc announced on Friday 2 December 2005, following a recent rise in the share price, that it had received an approach with regard to a possible offer. The Company emphasised at the time that the approach was in a very preliminary form.

"Having investigated the approach more thoroughly Laing does not believe that it is in the Company's or the shareholders' interests to prolong the current discussions. Laing announces today that it is no longer in talks with respect to the approach.

"As in previous years John Laing will issue a Trading Update, on 17 January 2006, ahead of the announcement of its preliminary results for 2005 (scheduled for 13 March 2006). This follows recent Company announcements concerning significant business developments including the launch of Laing Capital Management and opportunities in the waste and roads sectors."

Laing is being advised by Greenhill & Co. International LLP.