McApline Agrees Carillion Takeover

Alfred McAlpine has accepted a proposed £590 million cash and shares takeover bid by rival Carillion, in a move that would make the company the UK’s second largest contractor.

In August, the board initially rejected an informal 560p-a-share approach from Carillion, saying it was too low. It then turned down a second offer of 570p in October if this year. The latest proposal would value McAlpine at 585p a share.

In a statement the Board of Carillion announced that, "Subject to its detailed terms and conditions the board of Alfred McAlpine has confirmed if such an offer were to be made it would receive its unanimous recommendation."

The two groups said together they will make an excellent strategic fit and would create a company with a leading position in support services and integrated solutions.