22nd Jul 2016 07:25
LONDON (Alliance News) - WSP Global Inc's offer for construction consultancy Sweett Group PLC has lapsed, the company said Friday, after having been outbid for the company by Dar Group's Currie & Brown Holdings Ltd last month.
WSP had said at the end of June that it would not be raising its 35 pence per share takeover offer for Sweett, after Sweett and Currie & Brown announced a recommended cash offer at 42 pence per share, and Sweett's board withdrew their recommendation that shareholders vote in favour of WSP's offer.
As a result, WSP said it has now lapsed its offer with the consent of the UK Takeover Panel, but said that it reserves the right to approach Sweett with respect to a possible offer if Currie & Brown's offer is withdrawn, lapses or does not otherwise complete.
Shares in Sweett last closed at 41 pence, giving it a market capitalisation of GBP28.3 million.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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