Costain today confirmed that it is not the party in advanced negotiations with Mouchel and that a further revised offer has been ignored
In a statement released to the Stock Exchange this morning, Costain said it is not the 鈥減referred possible offeror鈥� Mouchel disclosed it is in negotiations with, regarding a take over of the firm.
It also revealed that, after 鈥渢he completion of comprehensive initial due diligence, including management meetings with Mouchel鈥� it made a further revised bid, which appears to have been ignored.
A statement released by Costain said: 鈥淭he board of Costain confirms that it approached the board of Mouchel on 17 February 2011 with a revised proposal to make a recommended share and cash offer for the entire issued and to be issued share capital of Mouchel.鈥�
In an earlier statement Mouchel said: 鈥淎lthough the board of Mouchel considers that the company has a strong future as an independent business, it believes that the strategic logic of a combination of Mouchel and the preferred possible offeror would provide the best option to deliver value to shareholders.鈥�
An outcome to the protracted take over battle still appears to be some way off as Costain is likely to respond to an offer from a third party if and when it materialises.
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