June 15, 2019 / 9:14 PM / 5 months ago

Serco makes two bids to merge with Babcock: The Sunday Times

LONDON (Reuters) - British outsourcer Serco has made two attempts to merge with its bigger outsourcing rival Babcock, a deal which would create a company worth 4 billion pounds ($5.04 billion), The Sunday Times reported.

Serco made a preliminary approach late last year, according to the newspaper. Serco’s Chairman Roy Gardner contacted his counterpart at Babcock, Mike Turner, who rejected the offer, the report said.

Serco then returned with a more detailed proposal for an all-share merger in January, the newspaper said.

Both companies could not immediately be reached for comment outside of normal business hours.

Reporting By Andrew MacAskill; editing by Diane Craft

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