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

May Gurney to vote on Kier takeover

May Gurney shareholders will vote on whether to pledge their futures to Kier in a little over four weeks from today.

The date for the general meeting has been confirmed for 13 June 2013, starting at 10:15am, at the offices of Eversheds LLP, in London.

Kier and May Gurney announced they had reached agreement on a deal on 24 April.

The acquisition represents a value of 315 pence per May Gurney share, or £221m in aggregate.

The move trumped that of Costain, which announced a month earlier that it had reached agreement on a merger that valued May Gurney shares at 253.22 pence, valuing the entire firm at £178m.

With the Kier deal, for each May Gurney share, shareholders will receive 0.2 in new Kier ordinary shares and 50 pence in cash.

They will also get a second interim dividend of 5.6 pence per share, which is conditional on the acquisition.

There will also be a “mix and match facility”, so May Gurney shareholders can opt to vary the proportions of cash and new Kier shares.

The deal will see Kier combine its £445m services business with May Gurney to create a £1.1bn turnover services arm.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.