O’Rourke confirmed the purchase but said it was simply an investment. “We just see it as a sound investment at this stage with them selling the homes business to Wimpey.”
When asked if he was mounting a bid, he replied: “Don’t you think I’ve done enough?” O’Rourke bought Laing Construction for £1 after it suffered crippling losses.
Laing did not say when O’Rourke bought the shares, which have traded at between 140p and 150p. He would have spent £.7.7m if he bought the shares at 140p each and £8.25m at 150p.
Laing is understood to be about to announce the sale of its housing arm to Wimpey in the next 10 days. Analysts expect Laing’s share price to increase once the deal is confirmed.