Costain’s £177mm offer already has the backing of 32.5% of May Gurney’s shareholders, as well as its board, but Kier is mulling a move of its own.
Kier has revealed that it has already made previous approaches to May Gurney and been rebuffed, but it has not yet been dissuaded from lobbing an offer into the ring.
In a statement this aftermoon, Kier said: “Kier holds May Gurney in high regard and views it as a good quality support services business with a range of services which complements Kier's existing offering. Kier believes that a combination of Kier and May Gurney would create significant value for shareholders, establishing a market-leading and well-balanced business. The enlarged group would offer an unrivalled range of services to local authorities as well as providing Kier with greater access to the regulated sector.
“To that end, Kier has made previous attempts to discuss a potential combination with May Gurney and has been monitoring the business' recent performance. In light of the announcement, Kier is considering its options.”
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