Scott Wilson bidder rapped by Panel

30th Jun 2010 13:22

URS, one of the potential bidders for Scott Wilson, has been told off for breaching takeover rules after it indicated it might raise its offer for the engineering consultant.URS said it could lift its current offer of 210p per share to 245p, but the takeover code says "an offeror must not make a statement to the effect that it may improve its offer ... without committing itself to doing so and specifying the improvement". URS's statement was a breach of this rule, the Panel said.The US firm now has until Friday to decide whether to raise its offer to 245p or stick at 210p. Its 210p offer was trumped by another US group, CH2M Hill, which has bid 245p.Scott Wilson's board meets today to decide its next move.