Babcock International Group PLC (LON:BAB), the Aerospace and Defence business, today notes the media speculation in respect of a previous approach for the Company.
Given that Babcock is currently undertaking an investor roadshow following its full-year results and capital markets day, the Company wishes to confirm that on 23 January 2019 it received an unsolicited and highly preliminary proposal from Serco Group Plc regarding a potential all-share combination between the two companies and confirms that no further proposal has been received.
The Board of Babcock, together with its advisers, carefully considered the Proposal and unanimously rejected it, having concluded that a combination of the two companies had no strategic merit and was not in the best interests of Babcock’s shareholders, customers or wider stakeholders.
