- British construction and services company Carillion (OTC:CIOIF) says it will raise its takeover offer for Balfour Beatty (OTC:BAFBF) to £2.1B ($3.5B) after meeting with major shareholders of its rival.
- The new proposal comes just ahead of a Thursday deadline, when Carillion would have to make a final offer for the company or walk away for up to six months under British takeover rules.
- The offer would give Balfour Beatty investors ~58% of the new company and a cash dividend of 8.5 pence/share, a 36% premium to weighted average share price before the talks were announced; a previous offer would have given Balfour shareholders a 56.5% stake.
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