VT Group agrees to £1.3bn Babcock takeover
Tuesday 23 March 2010 8:44 AM
VT Group, one of Hampshire best known companies, has agreed a £1.326 billion takeover by rival Babcock International.
The Botley based former shipbuilder turned support services specialist is understood to have finally succumbed to Babcock’s advances despite initially fiercely resisting the offer.
Babcock told the City this morning that VT's board had agreed to back the takeover after the previous offer was raised, to 361.6 pence in cash, and 0.701 new Babcock shares for each VT one.
The combined group, which will enter the FTSE 100, will make £50m in cost savings a year through the tie-up.
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