The approach was timed by Goodall to come days before McAlpine鈥檚 interim results on Thursday. But in a bizarre turn of events, 36-year-old Goodall is now believed to have taken a family holiday in Corfu.
The McAlpine board was in talks at the time of 好色先生TV going to press. Goodall, whose company, Brunswick Developments, owns Brighton Marina, bought a 3% stake in the housebuilder and contractor from Phillips & Drew Fund Management last week before launching the 260p-a-share offer on Tuesday.
One of the most powerful construction investors, PDFM has now reduced its stake in McAlpine from 23% to 12% in three months.
PDFM is believed to be supporting Goodall鈥檚 bid, as it did his June offer of 215p a share. This valued the company at 拢243m, but was rejected because McAlpine believed that it undervalued the business.
Analyst Mark Hake of Merrill Lynch said: 鈥淚 don鈥檛 think 260p is a level at which either the management or the shareholders would like to see the group taken out, but it is interesting that McAlpine has not dismissed him outright.鈥�
The McAlpine board is understood to be irritated by the fact that, as with his first approach, Goodall has not made a direct bid for the company but has, in McAlpine鈥檚 words, 鈥渋ndicated a possible interest鈥�. One analyst said: 鈥淕oodall seems to be messing about. I think he should either go for it or pull out.鈥�
Eyebrows have also been raised by Goodall鈥檚 decision to take a fortnight鈥檚 holiday this week and next. A source close to McAlpine said: 鈥淚t doesn鈥檛 seem to show he is very serious.鈥�
Goodall, however, has secured financial backing from the Royal Bank of Scotland and is advised by KPMG. The bank鈥檚 support is conditional on a full acceptance by the McAlpine board, so it is not thought that Goodall will launch a hostile bid.
If he does succeed in buying the company, he is likely to sell its contracting arm and turn the company into a pure housebuilder. Although one senior City source commented: 鈥淪elling a contracting business is not an easy thing to do.鈥�
Goodall鈥檚 move has also kick-started speculation that other housebuilders may start a bidding war for McAlpine. Names touted include Centex, Taylor Woodrow and Beazer Group. McAlpine was expected to announce interim profit up 15% to 拢16m yesterday. The company鈥檚 shares were up 17p to 253.5p at the end of Tuesday.
