logo-loader

WS Atkins' shares soar as Canadian firm SNC-Lavallin makes indicative offer

Published: 08:55 03 Apr 2017 EDT

Engineering works
SNC-Lavalin has until May 1 to either make a firm offer for WS Atkins or walk away

Engineering consultancy WS Atkins PLC( LON:ATK) soared over 28% higher this afternoon after revealing that it has received an indicative offer from Montreal-based engineering services firm SNC-Lavalin Group Inc (TOR:SNC) pitched at 2,080p a share.

In early afternoon trading, the stock topped the FTSE 250 leader board, up 28.5%, or 439p to 1,979p.

In a statement, Atkins said it has “indicated to SNC-Lavalin that the Possible Offer would deliver value to Atkins shareholders at a level that the Board would be prepared to recommend, subject to reaching agreement on the other terms and conditions of the offer.”

The firm said it is discussions with SNC-Lavalin about the other terms and conditions of the possible offer which is conditional on, amongst other things, diligence and financing.

It added: “There can be no certainty that a firm offer will be made, nor as to the terms on which any firm offer might be made.”

SNC-Lavalin has until May 1 to either make a firm offer for WS Atkins or walk away.

ARway.ai announces multiple new SaaS developer contracts in both the United...

ARway.ai (CSE:ARWY, OTCQB:ARWYF) Chief Executive Officer Evan Gappelberg joined Steve Darling from Proactive to announce multiple new SaaS developer sign-ups for its augmented reality experience platform, focusing on AR indoor navigation. These partnerships represent significant milestones in...

2 hours, 10 minutes ago