Scott Wilson accepts 290p bid from URS

30th Jun 2010 17:42

Scott Wilson has recommended an increased cash offer of 290p a share from URS Corporation just a few hours after the US outfit was rebuked by the Takeover Panel for only indicating it may increase its bid.The offer for the British design and engineering consultancy, worth £223m, beats the 245p a share deal put forward by fellow American firm CH2M Hill yesterday. That had followed an opening gambit of 210p from URS on Monday."The board is reaffirming its recommendation of URS's increased offer because it believes that it represents a compelling proposition for Scott Wilson's shareholders, customers and employees," Wilson's chairman Geoff French said.The bid means Wilson shareholders have tripled their money since the beginning of June when the group first said it had received a takeover approach.Directors who own 2% of the company "intend unanimously" to recommend that shareholders vote in favour of the deal.On Tuesday, CH2M Hill said it had bought 9.7m shares, or 13.1% of Wilson and received irrevocable undertakings to back its bid from Artemis, with 1.8%, and Aviva Investors Global Services, which owns 3.2% of Wilson.