LONDON, Aug 20 (Reuters) - British engineering company Balfour Beatty on Wednesday rejected Carillion’s third merger proposal, saying it failed to address its concerns over risks to the business.
Balfour said its board had unanimously concluded that the offer was not in the best interest of its shareholders and did not address concerns over the sale of its U.S. design and engineering business Parsons Brinckerhoff and the risks associated with reducing its UK construction business.
The company added that it would not be seeking an extension to the takeover deadline of August 21, which Carillion had requested on Tuesday. The latest offer had valued Balfour at 2.1 billion pounds ($3.49 billion). (Reporting by Li-mei Hoang; editing by Kate Holton)