CH2M Hill has pulled out of the bidding for UK engineering consultancy Scott Wilson.
The US firm announced last night that it would no longer proceed with attempts to buy Scott Wilson after rival bidder URS upped its offer.
URS offered 290 pence in cash for each Scott Wilson Share, valuing the company at £233 million.
CH2M Hill chairman and chief executive officer Lee McIntire said: “While Scott Wilson is an excellent company and an attractive cultural fit with CH2M Hill, it is not felt to be value enhancing to us at the current valuation.
“We understand the importance of certainty to all those impacted by the offer process, in particular the employees and customers of Scott Wilson, and have decided to make clear today that we will no longer proceed with the acquisition of the company.”