CONTRACTOR MOWLEM last week gave Balfour Beatty until next week to launch a formal takeover bid after naming the date for shareholders to vote on Carillion's offer.
Under takeover rules, Balfour Beatty must lodge a bid by 20 January, 10 days before Mowlem shareholders vote on Carillion's offer.
Carillion increased its offer for Mowlem on 14 December after Mowlem's share price soared above the 205p a share value of its original bid.
Mowlem's shares rose to 225p after Balfour Beatty said it was considering making a rival bid (NCE 15/29 December).
Carillion raised its bid from 82p plus 0.39 Carillion shares for every Mowlem share to 82p plus 0.46p. On current share prices this values the bid at around 220p per share or £312.6M. The previous offer was worth around £291M.
But Mowlem shares have since risen above the value of the revised bid. They were trading at around 236p on Monday although they fell back to 227p as NCE went to press.