UK - Amec rejects £1.5bn bid from TPG and First Reserve
A takeover bid by Texas Pacific Group and First Reserve for engineering services group Amec has been rejected by its board. It was reported that the offer, at £1.5bn, was rebuffed on the grounds that it did not value the company highly enough. Analysts cite Amec's revenue recognition policies as a cause of difficulty in valuing the company.
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