Scott Wilson Bidder URS Gets Bid Deadline From Takeover Panel

30th Jun 2010 08:51

LONDON (Dow Jones)--U.K. engineering consultant Scott Wilson Group PLC (SWG.LN) Wednesday said its board will give its recommendation to shareholders on the company's bidding war Thursday after the U.K. Takeover Panel set a deadline for a revised offer from U.S. firm URS Corp. (URS). U.S. engineer CH2M HILL Cos. Ltd. Tuesday offered to buy smaller U.K. peer Scott Wilson for about GBP189 million, trumping an earlier offer by rival U.S. firm URS Corp. CH2M said it offered to buy Scott Wilson for 245 pence a share, a 16% premium to the 210 pence a share offer put forward Monday by URS. Monday's offer from URS was recommended to shareholders by Scott Wilson's board, but following CH2M's offer, Scott Wilson said URS has the right to match CH2M's offer. URS must confirm to Scott Wilson by 1600 GMT Wednesday that it intends to match or improve upon CH2M's cash offer for Scott Wilson or the Scott Wilson board can withdraw its recommendation for the URS Offer. Either way, URS must also confirm its intentions by no later than 0630 GMT Friday. As a result, Scott Wilson's board meeting will now take place by the end of Wednesday and it will update the market on its recommendation to shareholders by 0630 GMT Thursday. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; [email protected] (END) Dow Jones Newswires June 30, 2010 03:51 ET (07:51 GMT)