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Kier鈥檚 bid for May Gurney looks 鈥� at this stage 鈥� likely to be the last word on this saga with the 拢2bn-turnover contractor having made May Gurney an offer it can鈥檛 refuse, and Costain likely to lack the deep pockets to counter it.

Certainly the price Kier came in at, at the high end of expectations, looks to outside observers to have been calibrated to deter Costain from any thought of trying to respond. It is 35% above Costain鈥檚 offer, a huge 71% above May Gurney鈥檚 closing share price the day before Costain came in, and, vitally, includes just over 拢35m of Kier鈥檚 cash.

So assuming Kier鈥檚 bid wins out, what will it have got for its money? A hugely expanded services business is the most obvious answer 鈥� taking its current 拢445m services play to 拢1.1bn. This includes almost entirely new capabilities for Kier in highways maintenance, street lighting, water, utilities and fleet management, as well as a significantly expanded environmental services business. Currently the majority of Kier鈥檚 services business is in social housing maintenance.

Vitally, it could get Kier much deeper in with clients it already knows well - local authorities - with the combined annual revenues in places like Lincolnshire topping 拢50m.

Sheffield says Kier鈥檚 bid is at the right price, having examined May Gurney from the ground up. However, it will put Kier into a net debt position 鈥� to the tune of 拢185m according to Liberum Capital - reducing the firm鈥檚 room to manoeuvre. While Sheffield says this debt will be cleared in 鈥渁 couple of years鈥� there have to be risks against his ability to execute the deal, simply because he has never made an acquisition on this scale.

May Gurney says it is back on track, but last year鈥檚 profit warning - which saw its chief executive depart and its shares fall 50% - and the news earlier this month it is losing a major customer in Norfolk council, raise questions. Kier鈥檚 competitors - particularly Costain - will be watching for any sign of a stumble.