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.