The American environmental consultancy URS has launched a take over of Scott Wilson in a £161m deal recommended by the Scott Wilson board, the firm announced today.
Under the terms of the offer, Scott Wilson shareholders will receive 210p per share, which is a premium of 141 per cent compared to where the shares were trading before it revealed it was in talks about being taken over.
URS is a global giant in environmental consulting and employs over 42,000 staff worldwide.
Scott Wilson chairman Geoff French said: “The board of Scott Wilson considers that the Offer, at a price of 210 pence per Scott Wilson Share in cash, provides a compelling opportunity for Scott Wilson Shareholders to
realise a significant premium in cash, and reflects the underlying value of Scott Wilson.”
Mr Frends added: “As part of an enlarged and global group, our employees will be able to participate in larger and more complex projects as well as benefit from further investment in new areas of expertise and international markets where Scott Wilson has already established strong foundations. Our customers will benefit from having access to an enlarged global footprint and an ability to service their needs across a wider range of services and sectors.”
In what my be an attempt to derail the deal agreed between Scott Wilson and URS, CH2M Hill has released its own statement, saying it will review its options following the announcement of the deal.
Its statement said: “CH2M HILL notes today’s announcement by URS Corporation of a recommended offer for Scott Wilson Group plc (“Scott Wilson”). CH2M HILL has undertaken due diligence on Scott Wilson and is considering its position with respect to making a cash offer for Scott Wilson. CH2M HILL will make a further announcement shortly.”