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Last Updated: Tuesday, 19 September 2006, 07:18 GMT 08:18 UK
Laing accepts 887m takeover bid
Chiltern Railways train
Laing owns Chiltern Railways and is involved in many PFI projects
Project management firm John Laing has accepted an 886.9m ($1.6bn) takeover offer from a private equity group.

Laing owns and manages 48 private finance initiatives (PFIs) worth 335m and also owns Chiltern Railways.

Under the bid tabled by Henderson Equity Partners, ordinary shareholders would receive 355p a share. Preference investors would get 138p per share.

Laing said the offer was an "attractive cash price" which fairly reflected the quality of its business.

The price represents a 28.9% premium on Laing's share price of 275.5p at the close of trade on 13 September, the day before the bid was tabled.

Henderson said its experience in the PFI and PPP markets should help to put Laing "realise its growth potential".

The group plans to set out the takeover offer to shareholders next month, while the deal - subject to investor approval - should go through by January next year.

Bid approach boosts Laing shares
02 Dec 05 |  Business

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