The Altrad group has said that it would have been prepared to offer €60m for Siteserve but was told that the group was not for sale.
Siteserv provides support services in Ireland and the UK to industries including nuclear, energy, education, civil engineering and construction.
Its shareholders are to be asked to approve an agreement to sell the group for approximately €45m to an investment company controlled by businessman Denis O’Brien.
Ray Neilson, who is managing director of Altrad company Belle Group, said that he emailed chief executive Brian Harvey four times between last year and shortly before the deal was agreed, but was told the firm was not for sale.
Siteserve announced the proposed deal on 16 January.
Altrad has said that it is debt-free with several hundred million euro to spend on acquisitions. The company, which has operations in Britain and France, bought two businesses in England last week – Generation UK and MTD.
Got a story? Email news@theconstructionindex.co.uk
