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Tue October 27 2020

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URS wins bidding war for Scott Wilson

1 Jul 10 URS has won the bidding war for consulting engineer Scott Wilson, seeing off American rival CHM Hill with a bid of 290p a share.

URS has won the bidding war for consulting engineer Scott Wilson, seeing off American rival CHM Hill with a bid of 290p a share.

The US-based firm had originally offered 210p a share, but was forced to up its bid after CHM came in with an offer of 245p a share.

The successful URS bid is 233% higher than Scott Wilson's closing share price of 87p on 4 June, the last trading day before news of the takeover talks emerged.

CHM Hill is expected to confirm it cannot match the latest bid today, and will withdraw its 245p a share offer.

Geoff French, Scott Wilson's chairman, confirmed the recommendation of the URS bid last night: "The increased offer provides a compelling opportunity for Scott Wilson shareholders to realise a significant premium in cash, and reflects the underlying value of Scott Wilson."

Scott Wilson, which is listed on the London Stock Exchange, is a global engineering and design consultancy with regional centres in London, Hong Kong, Warsaw, New Delhi and Bahrain/Dubai.

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