VT Group told the London Stock Exchange this morning that it has decided not make an offer for consultant Mouchel.
The decision follows months of speculation about the future of Mouchel, who have to date consistently declined to engage with VT, and the announcement by Babcock International Group plc on 15 February 2010 that it had made a preliminary approach regarding a possible offer for VT.
In January the Stock Exchange’s Takeover Panel set VT a deadline of 8 March 2010 to make a firm announcement of an offer for Mouchel.
In a statement, VT Group has told the Stock Exchange that the Board continued to believe that an acquisition of Mouchel would create significant value for both Mouchel and VT shareholders.
“An acquisition would be firmly aligned with the successful strategy VT has pursued over the last five years of developing a broader based support services business, would result in cost synergies that naturally result from a combination of two businesses of the scale of VT and Mouchel and would be significantly earnings enhancing, and value creating, in the first full year of ownership on the basis of the terms of the final proposal,” it said.
“The Board of VT hopes that, as and when circumstances change, the Board of Mouchel would wish to enter discussions regarding a proposal that adds value for both sets of shareholders.”
VT has reserved the right to announce a possible offer for Mouchel within six months of this morning’s announcement.
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