American consultant increases its bid by 拢62m in attempt to win control of UK firm
American consulting giant URS has upped its bid for UK firm Scott Wilson to 拢223m, trumping a 拢189m bid yesterday from rival CH2M Hill by 16%.
CH2M Hill had already beaten an offer of 拢161m from URS yesterday.
This latest counter bid ups the stakes in an increasingly fierce battle for control of Scott Wilson.
On the latest offer from URS, Geoff French, chairman of Scott Wilson, said: 鈥淭he board is reaffirming its recommendation of URS鈥檚 increased offer because it believes that it represents a compelling proposition for Scott Wilson鈥檚 shareholders, customers and employees.
Martin Koffel, chairman and chief executive of URS, said: 鈥淲e are pleased to have reached agreement with the Scott Wilson board on an increased offer for the company. We continue to believe that the combination of URS and Scott Wilson will create a global business with the financial resources to invest in further growth for the benefit of the enlarged group鈥檚 clients and employees.鈥�
The City will now wait to see if CH2M Hill increases its 拢189m offer.
This week, Jacqueline Rast, director of mergers & acquisitions with CH2M Hill, who is in London overseeing its bid, insisted it was in a strong position to clinch the deal.
She said: 鈥淲e鈥檝e been a strong partner [on projects with Scott Wilson] and right now we have put a superior offer on the table. We are hopeful we鈥檒l get a board recommendation and I would say this deal benefits employees.鈥�
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