Business
Recommended all-share merger
Recommended all-share merger.
About this update from Costain Group Plc
[{"type":"text","content":"\n \nRNS Number : 9530A Costain Group PLC 26 March 2013 \n\nNot for release, publication or distribution, in whole or in part, in or into any Restricted Jurisdictions or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.\n26 March 2013\nRecommended all-share merger\nof Costain Group PLC and May Gurney Integrated Services plc\nHighlights\n· The Boards of Costain Group PLC ('Costain') and May Gurney Integrated Services plc ('May Gurney') are pleased to announce that they have reached agreement on the terms of a recommended all-share merger of Costain and May Gurney, which is to be implemented by way of a scheme of arrangement of May Gurney pursuant to which Costain will acquire the entire issued and to be issued ordinary share capital of May Gurney.\n· Upon the Merger becoming effective, Costain, whose shares will continue to have a premium listing and to be traded on the London Stock Exchange's Main Market for listed securities, will be renamed 'Costain May Gurney PLC'.\n· Each May Gurney Shareholder will receive 0.8275 New Costain Shares for every Scheme Share held, resulting in Costain Shareholders holding approximately 53% and May Gurney Shareholders holding approximately 47% of the issued share capital of Costain at the time the Merger becomes effective.\n· The Merger will bring together two businesses with complementary service offerings to create one of the UK's leading integrated services providers to the rail, highways, water, waste, airports, hydrocarbons, power, nuclear, local government and fleet management sectors.\n· The Boards of Costain and May Gurney believe that the Combined Group will have:\n− a focus on delivering innovative and cost-effective solutions to address essential national needs in the sectors in which Costain and May Gurney operate;\n− a larger addressable market, with a combined client base across the private sector, central and local government and regulated industries;\n− an enhanced range of capabilities to meet customers' changing demands;\n− the ability to benefit from the respective strengths of the Costain and ...