The construction group Alfred McAlpine has rejected a second takeover approach from Carillion, saying it had ‘materially undervalued the company’. The Independent. The Guardian. The Times. The Daily Telegraph
Carillion first approached McAlpine, which is working on a demerger of its construction and support services arms, in August, when it said it could be willing to pay £543m.
The second approach, yesterday, at £584m, has been similarly rejected.
It came after McAlpine's share price had risen sharply on speculation that Carillion, valued at £1.2bn, was lining up a bid.