Shares in consultant Mouchel rose this week the on back of continued speculation surrounding a possible takeover by VT Group.
Heavy trading in Mouchel shares pushed the price through the 270p barrier for the first time in nine months.
The firm is expected to issue a trading statement shortly, but is understood to be waiting until the Highways Agency announces the winners of its Management Agent Contractor deals for Areas 1 and 13 - both currently operated by Mouchel.
Amey, Atkins, Carillion and Enterprisemouchel have tendered for the £125M Area 1 deal. Amey, Balfour Beatty, Carillion and Enterprisemouchel have tendered for the £280M Area 13.
VT Group approached Mouchel in early December with an offer of 247p, which was later raised to 260p. Both offers were rejected by the Mouchel board.
The Mouchel board is holding out for 300p per share.
The London Stock Exchange’s Takeover Panel last week told VT Group to either complete or abandon its takeover of Mouchel by 8 March.