Offer is raised to 拢170m and is first to include cash

Costain has made a third bid for embattled consultant Mouchel, raising its offer from about 拢150m to 拢170m.

For the first time Costain has thrown a cash offer at Mouchel鈥檚 shareholders, offering about half a Costain share and 30p for each Mouchel share.

The offer now values Mouchel shares at 153.2p, and offers a 鈥渕ix and match鈥� option for shareholders.

On 6 January, Costain made a 拢150m all-share bid for Mouchel after being rebuffed over a 拢120m offer at the beginning of December.

The higher price, and the injection of cash into the bid, will further ratchet up pressure on the Mouchel board from shareholders to accept the deal.

 

 

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