Continue reading the main story<\/a><\/p>\n\t<\/p>\n
\t<\/p>\n
Outsourcing group Mouchel has rejected takeover bids from construction firm Costain and services company Interserve and reported a half-year loss.<\/p>\n
Shares in the company fell almost 30% as a result.<\/p>\n
The firm dismissed Interserve’s bid for undervaluing the business, and said that Costain’s offer was too risky.<\/p>\n
It also reported a pre-tax loss of \u00a31.5m for the six months to 31 January, an improvement on the \u00a33.5m loss a year earlier. Revenue fell 13% to \u00a3270.3m.<\/p>\n
“It has been another challenging period for Mouchel. Our clients have been impacted by the tough economic climate,” said Richard Cuthbert, the group’s chief executive.<\/p>\n
Double offer<\/span><\/p>\nThe board said it was not in the company’s interests to proceed with any further discussions with its two suitors.<\/p>\n
In January, Costain raised its shares plus cash offer, valuing Mouchel’s shares at 153 pence each.<\/p>\n
A month later, Interserve offered 135p per share, including 50p in cash.<\/p>\n
Mouchel said there could be no certainty about whether the two firms would make further offers.<\/p>\n
The company also said it expected results for the year ending 31 July to be broadly in line with earlier expectations.<\/p>\n
It said its performance depended to some degree on winning public sector business at a time when the government is making big spending cuts.<\/p>\n<\/p><\/div>\n<\/p>\n
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