Carillion drops takeover bid for Balfour Beatty

|About: Carillion Plc (CIOIF)|By:, SA News Editor

British construction and services company Carillion (OTC:CIOIF) says it is abandoning its pursuit of rival Balfour Beatty (OTC:BAFBF) after the company rejected its latest takeover approach.

Carillion made a final bid yesterday, offering to give Balfour Beatty shareholders control of the combined company and pay them a cash dividend in a deal that valued the company at £2.1B, or ~$3.5B.