URS Raises Bid For Scott Wilson Group To Top CH2M HILL's Offer

30th Jun 2010 18:39

DOW JONES NEWSWIRES URS Corp. (URS) raised its bid for U.K. engineering consultant Scott Wilson Group PLC (SWG.LN) to 290 pence a share Wednesday, a day after U.S. engineering firm CH2M HILL Cos. Ltd. topped URS's earlier offer. CH2M said Tuesday that 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, a U.S. engineering and construction company. The 210 pence a share was a 76% premium to Friday's closing price. URS's latest offer values Scott Wilson at GBP223 million ($337 million). URS said the deal would expand its operations in the U.K. and its reach overseas. The deal is expected to boost the company's earnings in 2011. Its shares recently traded at $40.05, up 1.2%. The stock is down 10% this year. -By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; [email protected] (END) Dow Jones Newswires June 30, 2010 13:39 ET (17:39 GMT)