Aflred McAlpine expresses disappointment as financiers holding 15% of shares back Carillion鈥檚 拢584m approach

Pressure on Alfred McAlpine to reconsider a 拢584m approach by Carillion is growing after two of its major shareholders, Schroders and New Star, backed a deal.

Carillion said it had been given backing by fund manager Schroders and investment fund New Star, which together have 14.9 % of McAlpine鈥檚 shares.

But McAlpine restated that Carillion鈥檚 cash-and-shares bid of 560 pence a share which it turned down on Tuesday undervalued the company.

The firm said it was disappointed by Schroders decision to give its support to the deal. It said: 鈥淲hile disappointed that Schroders has chosen to make this statement, Alfred McAlpine is aware that Schroders has a shareholding of 20.1% in Carillion.鈥�

The construction and support services firm this week rejected a 拢584m approach from Carillion insisting it 鈥渕aterially undervalued鈥� the company.

McAlpine also revealed it had rejected a 拢574m bid from Carillion in August. McAlpine鈥檚 market capitalisation is about 拢565m.

It is understood that Morgan Sindall and Balfour Beatty, mentioned by analysts as rival bidders for the contractor, have ruled themselves out.

Galliford Try, another potential bidder, is also not thought currently to be looking at the firm, which would leave the way clear for Carillion or a private equity bidder.

Citigroup estimates 52 percent of the top 74 percent of Carillion shareholders are also McAlpine shareholders.

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