David Allvey, Costain Group Plc’s chairman, indicated that Mouchel Group Plc, which Costain wants to acquire, is showing more willingness to engage in “conversations” after pressure from Schroders Plc, its biggest investor, the Financial Times reported.
However, while Schroders fund manager Andy Brough urged Mouchel, a support services company, to set a Feb. 18 deadline for firm offers, no such date has been fixed, according to Allvey, the newspaper said.
Mouchel, which has rejected two approaches from Costain and has advised shareholders to take no action after a sweetened offer of 151 pence a share, declined to comment, the FT said.
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