One week after failing to acquire its rival, Exeter contractor is on the lookout for its next target.
Exeter-based contractor ROK is considering fresh takeover targets, after its attempt to buy Galliford Try seemed to have collapsed.

Galliford Try publicly dismissed the £113m offer last week on the grounds that it undervalued the company. Some analysts suggest that the bid, which translates as 51p a share, should have been as much as 70p.

Sources close to Rok said the firm had yet to receive a direct response from Galliford Try, and hoped that its board would still be willing to meet to discuss the offer.

Another source suggested that Rok was already moving on to its next target. The source said: "Rok is looking at two or three fairly large deals, at least the size of Llewellyn. There are lots of other options available." Rok bought Llewellyn for £16.25m last year.

A source close to Galliford Try hinted that Rok had lost its initial enthusiasm in the group. The source said: "Rok said it was trying to have further discussions with Galliford Try, but the company has heard nothing.

It appears to be an opportunistic venture by these chaps."

Building understands that the approach was the result of a lunch in the summer between Rok chief executive Garvis Snook and his equivalent at Galliford Try, David Calverley, where the idea was briefly discussed.

Rok is looking at two or three fairly large deals

Rok source

Two weeks ago, Rok faxed Calverley's office a document detailing the 51p a share offer.

Snook is believed to have tried to contact Calverley to warn him of the offer in advance. However, Calverley could not be reached, and is understood to have first heard about the fax when he telephoned his personal assistant, while sitting in the back of a taxi.

The news then broke in The Independent last Tuesday, leaving Galliford Try to issue a formal statement to the London Stock Exchange, dismissing the bid.

Snook and Calverley declined to comment.

  • Galliford Try, as part of the GBconsortium, has won a £42m two-year NHS LIFT contract in Coventry. The contract's value could increase if further phases of the project are given the green light.