SNC-Lavalin won't raise Atkins offer unless another suitor emerges

SNC-Lavalin said on Monday that it won't raise its offer for UK engineering and construction group WS Atkins, valuing the company at around £2.1bn, unless another suitor emerges.

WS Atkins agreed last month to be taken over by Canada's SNC-Lavalin for 2,080p per share in cash.

Atkins' chairman Allan Cook said at the time: "We believe that the offer from SNC-Lavalin represents an attractive and certain value in cash today for Atkins shareholders reflecting the high quality of the business, its people and its future prospects.

"The board of Atkins believes that a combination will provide clear benefits to our shareholders, enhanced opportunities for our employees as part of a larger group, and a broader service offering for our customers.”

At 1004 BST, Atkins shares were down 0.6% to 2,087p.