Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Alfred McAlpine rejects Carillion advances

Alfred McAlpine's board has revealed that it rejected two bids from Carillion to buy the company in the last two months.

In its statement to the City, McAlpine says it was first approached by Carillion on 13 August 2007, with a share offer of 560 pence, comprised 25 per cent cash and the rest in Carillion shares. But the board rejected the offer believing that it materially undervalued the company.

On 15 October 2007, Carillion approached again with an improved offer of 570 pence per share. McAlpine rejected this offer as well due to the company's recent strong recent results - which showed significant growth of 27 per cent - the expected value from the demerger; and the low implied premium.

The demerger is on schedule for completion during Spring 2008.