Kentz Corp. (KENZ), the oil engineering company targeted by two prospective bidders in recent months, said it’s not looking to sell itself as orders rose to a record.
Both takeover approaches were “unanimously rejected,” Chief Executive Officer Christian Brown said today in a telephone interview. “We’re not looking at selling Kentz. We’re focused on growing ourselves as a standalone entity.”
The stock rose 24 percent on Aug. 19, valuing Kentz at 670 million pounds ($1 billion) after the board snubbed a proposed offer from Amec Plc (AMEC) of as much as 580 pence a share. M+W Group also said it filed an indicative bid in July that was rejected. Brown today declined to comment on a Sunday Times report that unidentified investors would be open to a bid at 650 pence.
Kentz said its order backlog has grown 12 percent to $2.8 billion since June 2012. The Tipperary, Ireland-based company submitted a record $4.5 billion of bids in the second quarter, it said in half-yearly results published today in London.
Kentz raised its interim dividend 20 percent to 6.6 cents a share as earnings per share gained 23 percent to 33.25 cents. The stock slipped 0.4 percent to 565 pence in London.
“We’ve delivered what we said operationally and we have a great platform to grow from,” Brown said.
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