CH2M HILL Drops Scott Wilson Pursuit After URS Ups Offer

1st Jul 2010 06:52

LONDON (Dow Jones)--U.S. engineer CH2M HILL Cos. Ltd. said late Wednesday it dropped its offer to acquire peer Scott Wilson Group PLC (SWG.LN), after rival bidder URS Corp. (URS) raised its offer for the U.K. firm. URS raised its offer for Scott Wilson Wednesday to 290 pence a share, valuing the company at GBP223 million. That topped CH2M's 245 pence a share offer and URS's earlier 210 pence bid. CH2M bought a 13% stake in Scott Wilson earlier this week when the bidding war was hotting up. It said Wednesday it intends to vote its shares in favor of URS's higher offer, which has the backing of Scott Wilson's board. -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; [email protected] (END) Dow Jones Newswires July 01, 2010 01:52 ET (05:52 GMT)