for the consultancy and services firm from 105.8p per share to 135p, raising the value of the bid from 拢119m to 拢152m. After talking to its advisers, the board of Mouchel once again said no deal.
Costain responded by saying that it was surprised by Mouchel's response, considering that the offer represented a premium of 138.9% over Mouchel鈥檚 closing share price of 56.5p immediately prior to it entering the current offer period on 6 December 2010.
Costain said: 鈥淭his decision by the board of Mouchel denies its shareholders the opportunity to have a major stake in a well capitalised, financially efficient, enlarged business, with a clear strategy for future profitable growth.鈥�
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