Construction firm Costain has made an increased all-share offer approach to struggling business services group Mouchel, valuing the company at about £150m.
Costain said it would offer 0.5947 new shares for each Mouchel share. The offer values each Mouchel share at about 135 pence per share, based on Wednesday's closing prices.
In December, Mouchel rejected an approach from Costain comprising 0.5135 new Costain shares for each Mouchel share.
Costain said on Thursday it was in the interests of both sets of shareholders for the board of Mouchel to enter into discussions with Costain as soon as possible.
City A.M. Reporter