In statement to the stock market engineer says it snubbed the 'unsolicited' offer

Engineering group Mouchel has confirmed reports it has been approached twice by VT Group about a takeover.

Weekend reports claimed Southampton-based VT had been snubbed after making an offer of around 250 pence per share.

In a statement to the stock market this morning, Mouchel confirmed it had received two “unsolicited approaches”, both of which it has rejected.

It said: “The board believes these approaches to be wholly inadequate and at a level which substantially undervalues the Company.

“The board has discussed these approaches with its advisors and has unanimously rejected them.

“The board understands that VT Group plc remains interested in pursuing a transaction.”

According to The Times, Serco and Capita may also be considering making bids.

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