Amec Withdraws Kentz Offer, UK
Amec plc said that it is no longer considering an offer for for oil and gas construction firm Kentz.
“As previously indicated in our announcement on 19 August 2013, following receipt of the approaches from Amec and M+W Group GmbH, the Company together with its advisors undertook a detailed evaluation of the proposals before rejecting these approaches on the basis that they undervalued the business and its future prospects,” Kentz said in a statement.
Throughout the offer period, the company has been open to discussions in the event that Amec (or any other interested party) put forward a proposal which properly reflected the long-term value of Kentz. Furthermore, the Company also consulted with its major institutional shareholders during the period following the publication of its interim results and has carefully considered their views, according to the statement.
Since its announcement of 19 August 2013, Kentz can confirm that it received no further proposals from either Amec or M+W.
Christian Brown, Chief Executive Officer of Kentz said:
“I would like to take this opportunity to reiterate our focus on delivering value to our shareholders. Naturally, while we have every confidence in our ability to deliver further value to our shareholders as an independent company, the Board fully understands its responsibilities to all our shareholders.”
LNG World News Staff, September 12, 2013; Image: Kentz