Canadian infrastructure group SNC-Lavalin has confirmed that it has made an approach to acquire WS Atkins in a deal which would value Atkins at around £2 billion.
SNC is proposing to finance the deal via a combination of equity and a loan.
It is also currently contemplated that the balance would be raised using a mix of additional debt and equity and other financing means. .
Under the Takeover Code SNC-Lavalin is required, by no later than 1st May - either to announce a firm intention to make an offer for WS Atkins ior announce that it does not intend to make an offer.
The deadline can be extended with the consent of the Panel on Takeovers and Mergers.
The Board of Atkins notes the recent share price movement and confirms that it has received an indicative offer (the "Possible Offer") from SNC-Lavalin at an offer price of 2,080 pence in cash for each Atkins share for the entire issued and to be issued share capital of Atkins.
A statement issued by the Atkins Board said it is in discussions with SNC-Lavalin about the other terms and conditions of the Possible Offer:
"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."
Founded in 1911, SNC-Lavalin is one of the leading engineering and construction groups in the world and a major player in the ownership of infrastructure with offices in over 50 countries.
The group provides engineering, procurement, construction, completions and commissioning services together with a range of sustaining capital services to clients in four industry sectors - oil and gas, mining and metallurgy, infrastructure and power.
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