CH2M Hill drops out of Scott Wilson bidding

1st Jul 2010 08:47

CH2M Hill said it will no longer proceed with its acquisition of Scott Wilson after rival bidder URS Corporation increased its offer for the design and engineering consultancy firm."While Scott Wilson is an excellent company and an attractive cultural fit with CH2M HILL, it is not felt to be value enhancing to us at the current valuation. We...have decided to make clear today that we will no longer proceed with the acquisition of the company," said the group. Yesterday, Scott Wilson recommended an increased cash offer of 290p a share from URS Corporation. The offer, worth £223m, beat the 245p a share deal put forward by CH2M Hill on Tuesday. That had followed an opening gambit of 210p from URS on Monday.