Dive Brief:
- After being shot down twice by Balfour Beatty, Carillion is now offering Beatty shareholders 58.3% of the combined company, as well as cash dividends that would total $99 million.
- Thursday is the deadline for Carillion to make a final offer or it must walk away for at least six months under British takeover rules.
- Carillion's argument is that if the companies merge, it could save $290 million by 2016, a fact that Balfour Beatty has disputed.
Dive Insight:
Balfour Beatty originally walked away from talks after Carillion insisted that a Balfour subsidiary, Parsons Brinckerhoff, be a part of the deal, a stipulation Carillion is not letting go of. Balfour has said it will consider the latest offer and "will make a further announcement in due course."