Group forced to turn attention to fending off unwelcome £1.25bn approach from Babcock International
VT Group looks set to abandon its bid to takeover of rival firm Mouchel.
It is understood that VT Group will make an announcement before the weekend in which it is expected to indicate that it still believes Mouchel would be a good strategic fit.
But the support services group has been forced to turn its attentions to fending off an unwelcome £1.25bn approach from defence giant Babcock International.
VT has been given a Monday deadline to make a decision over whether it wishes to pursue Mouchel, under a “put up or shut up” ruling issued by the UK Takeover Panel.
Last month VT turned down an offer of 507.6p a share from Babcock, which has been trying to create “a large and focused international engineering support services company”.
No comments yet