Shareholders back £221m May Gurney takeover
PUBLISHED: 15:06 13 June 2013 | UPDATED: 15:06 13 June 2013
Norfolk-based May Gurney has taken a step closer to becoming part of construction group Kier after shareholders overwhelmingly backed its £221m takeover.
The offer, which was tabled in April, trumping a bid by rival Costain, received 99.8pc support at a general meeting in London yesterday.
The combined Kier/May Gurney business will have an order book worth £5.7bn and supporters believe it will offer improved services to local authorities and the regulated sectors.
Kier’s offer, which was backed by the May Gurney board, represented a 35pc premium on the value of Costain’s earlier approach.
May Gurney, which was founded in 1926 and employs just under 6,000 people, maintains more than 35,000km of roads and more than 500,000 street lights and illuminated signs across the country, working under long-term contracts on behalf of 20 local authorities.
Following the vote, the last day for dealings in May Gurney Shares is expected to be July 3.