Texas Pacific Group and First Reserve Corporation blame Amec’s refusal to provide due diligence access

Private equity firms Texas Pacific Group and First Reserve Corporation today said they would not be making a joint offer for Amec because they had been refused access to Amec’s books.

A statement from the consortium said: “In light of the Board's refusal to provide due diligence access, it will not be making an offer for AMEC at this time.”

The joint approach made last month was thought to value Amec at £1.5bn or 450p a share. At the time the Amec board rejected the indicative offer saying that it “significantly undervalued the company.”

Today a statement from Amec said that it welcomed the withdrawal of interest.

However, the joint venture said that it retained the right to make an offer for Amec in the future.