June 17, 2019 / 6:26 AM / in a year

Babcock confirms it rejected Serco's buyout proposal

June 17 (Reuters) - British engineering services group Babcock International Group Plc on Monday confirmed that it had rejected an offer made by rival Serco Group back in January to combine the two companies in a deal which would have created a company worth 4 billion pounds ($5.04 billion)

“The company wishes to confirm that on 23 January 2019 it received an unsolicited and highly preliminary proposal from Serco Group regarding a potential all-share combination between the two companies and confirms that no further proposal has been received,” Babcock said in a statement.

Multiple media outlets over the weekend had reported on Serco’s overtures.

$1 = 0.7943 pounds Reporting by Pushkala Aripaka in Bengaluru; Editing by Bernard Orr

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