Costain Group Plc, the construction company that bid 180 million pounds ($290 million) for road- maintenance company Mouchel Group Plc, may scrap the proposal after competitor Interserve Plc made a higher offer, the Times reported, without saying where it got the information.
Interserve’s bid of as much as 197 million pounds is considered by Mouchel to be a “straightforward slam dunk,” the Times said, citing unnamed sources close to the company. Costain will tomorrow consult with shareholders before making a final decision on whether to end the offer, the newspaper said.
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