Contractor Kier has today said that it has gained access to and is looking through the books of contractor May Gurney as part of its due diligence ahead of deciding whether it wants to make an offer for the firm.
Any offer would have to be of sufficient value to rival the all-share merger deal that has already been agreed between Costain and May Gurney. This deal, subject to confirmation by shareholders, is expected to become effective on 6 June.
“We are looking through the books,” a Kier spokesman confirmed. “We think it’s a good fit but we are still formulating a view about whether we want to make an offer.”
No parties will comment on May Gurney’s announcement this week that it had failed to make the shortlist for the next Norfolk County Council highways contract, which it has held for the past nine years, and what effect it may have on any potential deal. The contractor is in the process of appealing the council’s decision.