WSP Will Not Raise Sweett Group Offer After Currie & Brown Outbids

LONDON (Alliance News) - Canadian engineering consultant WSP Global Inc on Thursday said it will not raise its takeover offer for construction consultancy Sweett Group PLC, despite a higher offer for Sweett coming from Dar Group's Currie & Brown Holdings Ltd last week.

On Friday, Currie & Brown announced its intention to buy Sweett Group for 42 pence per share, valuing Sweet at GBP29.0 million, following which Sweett revealed it was recommending shareholders to accept that offer and withdrew its previous recommendation of WSP's 35p per share offer, worth GBP24.0 million, which was made in May.

Shares in Sweett were down 0.6% at 42.00p on Thursday morning.

On Monday, WSP had said it was considering its options, and, on Thursday, confirmed its offer was final and it would not be increasing it.

If WSP's offer is not accepted by August 31, or if the offer for another bidder becomes unconditional before that date, the WSP offer will lapse, it said.

By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland

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