The companies being sold are Deborah, Sierra Communications (which now incorporates Holgate’s business), Easy Access, Donohoe Scaffolding, Rent-a-Fence, Roankabin Holdings and Eventserv.
But the Altrad bid looks likely to fail because the board of Siteserv is recommending that the company sticks with an earlier £37.5m offer from an acquisition vehicle called Millington set-up by entrepreneur Denis O’Brien.
The takeover recommendation will go before an extraordinary general meeting of shareholders today.
Confirmation of the Altrad offer follows a war of words between the two sides.
Altrad claimed it had made earlier enquiries about a takeover but Siteserv dismissed the claim in a Stock Exchange announcement on Tuesday as “spurious and vexatious”
Today Siteserv told the City: “The Board of Siteserv confirms that it has received an indicative, non-binding proposal from Altrad to purchase Siteserv’s subsidiaries for €60 million.
“This proposal was received subsequent to its announcement on 3 April 2012, which stated that, contrary to media speculation, Siteserv had not received a formal approach or offer from Altrad.”
The Siteserv companies had a turnover of £140m for the year to April 30 2011 and made an operating profit of £7m.
More than 2,300 people are employed by Siteserv across the UK and Ireland.
Altrad is expanding rapidly in the UK market and has bought Generation Hire & Sales, MTD Scaffolding, BarOmix, Belle Group, Beaver 84 and NSG.
