Balfour Beatty has announced that existing shareholders have bought 97 per cent of 199.5 million new shares created to buy Parsons Brinckerhoff, with the remaining 6 million bought by other investors.
The sale gives Balfour the full £353 million needed to complete the Parsons purchase via the rights issue that was launched on 17 September 2009.
The resolutions needed for the acquisition by existing investors were passed by the holders of over 99 per cent of Parsons Brinckerhoff’s capital stock eligible to vote. Balfour Beatty now expects to complete the acquisition of Parsons Brinckerhoff by the end of October.
The Rights Issue was fully underwritten by J.P. Morgan Securities Ltd., RBS Hoare Govett Limited and Citigroup Global Markets U.K. Equity Limited. The sale of 100% of the New Shares means that neither the Joint Underwriters nor the sub-underwriters will be required to acquire any unsold Shares.
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