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Costain's May Gurney bid lapses

Costain’s bid for May Gurney officially ended today.

Costain had agreed a merger that valued May Gurney shares at 253.22 pence, valuing the entire firm at £178m.

It won the support of May Gurney’s board, until Kier intervened with a bid of 315 pence per May Gurney share, or £221m.

Costain announced later it would not be bidding again.

A Costain statement said today: “Further to its announcement on 25 April 2013, the board of Costain Group confirms that the proposed merger with May Gurney Integrated Services, which was announced on 26 March 2013, has lapsed in accordance with its terms.

“The general meeting of Costain shareholders convened in connection with the proposed merger was adjourned indefinitely on 8 May 2013 and will not be reconvened.”

Costain chief executive Andrew Wyllie told Construction News in an exclusive interview that he will continue on the acquisition trail.

May Gurney shareholders will vote on the Kier proposal at the general meeting on 13 June.

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