The US investor revealed that it had only managed to win over 1.7% of ISG shareholders for the £71m takeover by yesterday’s deadline, taking its potential stake to 31.2%.

Now ISG’s board has hit back again urging shareholders to continue to reject overtures, following the second offer deadline extension by Cathexis, which is holding to its initial £1.43 per share bid.

This morning ISG said trading at its fit out and engineering services businesses would outperform and exceed board expectations for the half-year when interim results were unveiled in early March.

But it also warned the costs of closing out certain remaining UK construction contracts entered into during challenging tendering market conditions between 2011 and 2013 were expected to rise by an “offsetting amount”.

ISG said its turnaround plan was on track with all but three of the 360 contracts entered into during this period now complete on site.

The firm’s order book at the end of the year stood at £1.1bn and the board underlined its intention to pay an interim dividend.

The half-year trading statement said: “Overall group trading results for the financial year ending 30 June 2016 are expected to be in line with the Board’s expectations following the pre-AGM statement on 1 December 2015.”