Last month Costain secured undertakings from 32.5% of May Gurney鈥檚 shareholders for its 拢177m takeover offer. These undertakings are now being revoked, however, and many shareholders are now lining up behind Kier鈥檚 higher offer.
Artemis Investment Management has thrown its 7.78% shareholding behind Kier, as has Aviva Investors Global Services, which owns 5.16%. Polar Capital and Invesco Asset Management are also backing Kier鈥檚 bid.
Kier also has irrevocable undertakings from David and Wendy Sterry (acting as trustees of various trusts) and May Gurney Trustees Ltd (on behalf of the employee share ownership trust).
This takes Kier past the 32% mark.
Meanwhile Costain鈥檚 board said that was 鈥渃onsidering its position and will make a further announcement in due course鈥�.
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