Altrad makes £50m bid for Siteserv

Grant Prior 12 years ago

Acquisitive French scaffolding group Altrad has made a £50m bid to buy Siteserv which includes scaffolding arm Deborah Services.

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.

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