Carillion cuts McAlpine bid terms.
Investors Chronicle - magazine and web content, December, 2007
Carillion blames market weakness, rather than skeletons in closets, for lower offer Jonas Crosland
Carillion has cut the value of its bid for Alfred McAlpine, blaming a fall in equity markets for the reduced terms. The agreed deal now values Alfred McAlpine at around GBP572m and the terms have been reduced to a cash payment of 165.4p per share plus 1.08 Carillion shares for every McAlpine share, equivalent to 558p against the 585p deal agreed earlier.
Carillion stressed that it was market weakness, rather than anything discovered after looking over McAlpine's books, that prompted the reduction in terms. Earlier this year, McAlpine announced plans to break itself up, following a fundamental review. Its slate business had previously been embroiled in...
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