Siteserve is set to be sold for about €45 to an investment vehicle controlled by businessman Denis O’Brien.
Siteserve said that neither the company, its board or its advisors ever received any formal approach or offer from Altrad. “Any claims regarding a proposed formal and executable offer of €60m for Siteserv are spurious and vexatious,” it said. “Siteserv regards these claims as opportunistic and unfounded.”
It added that it received an informal communication from the Altrad subsidiary Belle Group at a very advanced stage in the sales process. “An informal communication was also received from this subsidiary of Altrad in or around the completion of the transaction with Millington,” it added.
“Siteserv also notes that Altrad owns a competitor business Beaver 84 in the UK and has recently announced the acquisition of Generation Hire and Sales, which is also a competitor to Siteserv’s UK business Deborah Services Ltd.”
The company goes on to say that it began a detailed exercise in 2011 to market the Siteserv business to a number of prospective buyers. A subcommittee of the board of directors was established to oversee the sale process.
“The board of Siteserv believes that the proposed disposal of the Siteserv business to Millington represents the best conditions and price attaching to a possible sale of the business,” said the announcement. “They are satisfied that the process was conducted in the best interest of the shareholders and stakeholders of Siteserv as a whole, and has recommended shareholders to vote in favour of the proposed disposal at the forthcoming EGM.”
Got a story? Email news@theconstructionindex.co.uk
