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Interserve confirms Mouchel approach

Interserve has confirmed it made an approach for Mouchel and has been given access to the accounts.

The firm’s proposal, which is a combination of cash and shares, is intended to create a market leader in consultancy and support services, particularly in key outsourcing and infrastructure markets.

In an announcement to the City, Interserve listed a number of key attractions for Mouchel shareholders including a considerably stronger balance sheet and a “mix and match” election within the offer that would allow Mouchel shareholders to elect for more cash or more equity.

Interserve added that it would be a constructive partner for Mouchel’s existing joint venture partners, such as Carillion, with whom Mouchel is currently shortlisted for the £2 billion Sheffield highways PFI.

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