Wed, 03 Apr 2013 | MERGER
Kier Group is to spend time this week reviewing the books of May Gurney before deciding whether or not to place a bid or make a hostile takeover move.
Norfolk-based May Gurney, which offers road maintenance services for councils and also mends pipes for water companies, has already given the OK for a £380 million all-share merger with construction business Costain Group.
Nevertheless, Kier has announced that it is mulling placing a bid on the table, potentially disrupting the agreed deal. Kier Group specialises in construction and maintenance and is roughly the size of Costain and May Gurney put together.
Accountants at the firm were given access to the electronic data room at May Gurney before the Easter weekend. Its directors decided that Kier should have the same access to May Gurney’s company information that Costain would have been given, for the interests of shareholders.
Analysts believe that if Kier does make a formal offer then a partial cash alternative could be offered to May Gurney investors.
In separate news May Gurney has been dropped from the shortlist to re-bid for a £780 million five-year highway maintenance contract for Norfolk County Council. It has begun a formal appeal against the decision.
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