Property consultant Mouchel, which has a multi-million pound contract to manage Oxfordshire's school buildings, fire and ambulance stations and other property, has rejected a takeover bid by construction firm Costain.
Mouchel, whose clients include Government agencies and councils across the UK, runs Oxfordshire's property portfolio from an office at Abingdon Science Park, and was responsible for the new £3.8m science block which opened last year at Marlborough School, Woodstock, and the £4.2m one at St Birinus School, Didcot. It is managing the move by the European School, Culham, to become an academy school.
Maidenhead-based Costain offered shares worth more than £150m after Mouchel's board rejected a previous approach in December.
Costain chairman David Allvey said there was compelling strategic rationale for combining the two firms and creating a group with the critical mass to meet demand from customers for larger and longer-term bundled services.
The interest comes after Mouchel's shares hit an all-time low amid concerns over Government spending cuts, and as it holds talks over the refinancing of its debts.
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