SNC Lavalin launches $2.6bn bid for Atkins
SNC-Lavalin Group has offered to buy WS Atkins in a deal that values the the British engineering and consultancy firm at around $2.6bn.
The Canadian firms all-cash offer of 2,080 pence per share represents 35 percent premium to Atkins’ Friday close at 1,540 pence.
“The board of Atkins has indicated to SNC-Lavalin that the possible offer would deliver value to Atkins shareholders at a level that the board would be prepared to recommend, subject to reaching agreement on the other terms and conditions of the offer,” Atkins said in a statement.
The boards are discussing other terms and conditions of the possible offer which is conditional upon diligence and financing, Atkins added.
Atkins has been subject of takeover speculation In January when it was linked with a $4bn merger with US company CH2M.
The firm specialises in engineering, design and project management services for big construction projects and has extensive experience in the Gulf, including work on the Burj Al Arab hotel in Dubai.