好色先生TV

WSP Parsons Brinckerhoff has bowed out of the takeover battle for Sweett, after rival consultant Currie & Brown swooped in with a higher 拢29m offer last week.

WSP PB has issued a short statement to investors saying it has 鈥渢erminated efforts to acquire Sweett Group鈥�.

Last Friday Sweett鈥檚 board said it was recommending the 拢29m bid from Middle East-owned Currie & Brown, which trumps WSP PB鈥檚 拢24m bid from late May.

Currie & Brown had already acquired Sweett鈥檚 struggling Asia Pacific businesses in a deal agreed late last year and concluded earlier this month.

Sweett鈥檚 chairman John Dodds said the Currie & Brown offer represented an 鈥渁ttractive premium鈥� for shareholders.

Currie & Brown is also offering Sweett a 拢9.45m debt facility that would replace the firm鈥檚 current borrowing facilities, which expire on 8 July. Dodds warned Sweett鈥檚 bank had shown 鈥渦nwillingness鈥� to extend the facility, making Currie & Brown鈥檚 additional offer of debt funding more attractive.

Sweett鈥檚 directors will step down from Sweett鈥檚 board if Currie & Brown鈥檚 takeover bid is successful.

WSP PB initially responded to say it was 鈥渃onsidering its options鈥� following the rival bid and advised Sweett shareholders to take no action.

The original deal between Sweett and WSP PB had been expected to complete this month.

Currie & Brown is a subsidiary of Middle East-based engineering giant the Dar Group, which also owns architect Perkins+Will.

Currie & Brown鈥檚 offer at 42 pence a share represents an 83% premium on the 23 pence closing price of Sweett鈥檚 shares on 24 May prior to WSP PB鈥檚 bid. The rival bid is also a 20% premium on the 35 pence per Sweett share from WSP PB.

Currie & Brown said it believes cost-savings can be made at Sweett, principally through the intended de-listing from the AIM stock exchange and cut-backs in property, back office and shared services. 

David Broomer, group chairman of Currie & Brown, said: 鈥淭his transaction will bring together two well-respected businesses to create a leading construction advisory business and deliver a key element of Currie & Brown鈥檚 strategy - to provide a quality offering to global and local clients alike.

鈥淭he acquisition of Sweett will create a business of substantial scale in the UK, which will provide a compelling offer to clients and significant opportunities for all our people to develop.鈥�

The offer from Currie & Brown follows its purchase of Sweett鈥檚 Asian and Indian businesses and the subsequent disagreement between the two over the price, which was only resolved after a decision from an independent arbitration earlier this month.

Sweett also posted a 拢19.4m loss for the year in its last set of results. The consultant lost 拢13.7m on the sale of its APAC and India businesses to Currie & Brown and reported 拢1.9m of operating losses in the Middle East, as well as a 拢5.1m pre-tax loss, which the firm attributed to exceptional administrative expenses.