John Laing, the specialist UK infrastructure operator, has accepted a £957.5m takeover bid from Allianz, the German insurance company, recommending the 385-pence-per-share offer to its shareholders. 

The decision comes just over a month after John Laing recommended an £887m cash offer from Henderson Global Investors, which included a break fee of £8.9m. It is unclear whether Henderson will respond with a further offer. 

William Forrester, chairman of John Laing, said of the bid: “We believe that the Allianz ordinary offer, which is at a clear premium to the value offered under the Henderson proposals, provides John Laing shareholders with an attractive cash price which fully reflects the quality of John Laing's portfolio and established position in PFI/PPP markets.”

John Laing has been responsible for several high profile construction initiatives, such as the Ministry of Defence building in Whitehall and the second Severn Bridge crossing. It also owns the Chiltern Railway franchise. 

Pre-tax profits for the six months to June 2006 were £12.3m.