VT rejects improved offer from Babcock

City A.M. Reporter
BABCOCK International has had a renewed offer to buy defence firm VT Group for up to £1.29bn rejected.

VT said the latest cash and shares offer worth between 680 and 715 pence a share was only a "small improvement" on the 633.9 pence previously offered and "continued to significantly undervalue VT and its prospects."

The latest offer values VT at between £1.22bn and 1.29bn and represents an increase of between 7.3 and 12.8 per cent.