McAlpine fights back

By This Is Money
Updated: 18:00 EST, 13 September 1999

 

Construction group McAlpine today fought back at a hostile bid from property entrepreneur Andrew Goodall, owner of Brighton Marina.

The second unwelcome bid from Mr Goodall's family-owned Brunswick Developments company was tabled last month, offered 260p a share.

The bid, valuing McAlpine at £265.4 million, was a rise from Brunswick's original 215.2p a share offer in April.

McAlpine today said the offer undervalued the company, which it believed to be 'considerably higher' than the 260p asking price.

The group also said it had attempted to find out from Brunswick how the company would fund the bid and what its future plans for the business were. McAlpine said: 'No satisfactory information has been forthcoming from Brunswick.'

In a statement, the group said: 'The company is concerned at the continuing uncertainty, which commenced in April of this year, and the board wish to make it clear that any offer of 260p per share would not be recommended for acceptance.'

Earlier this month, McAlpine reported interim pre-tax profits of £17.3 million, a jump from £11.4 million the previous year.

Brunswick, which holds a 3% stake in McAlpine, is a fraction the size of its target, having made profits of £1.3 million in the year to December.