Kentz receives takeover offers from Amec and M&W; Group
Image courtesy of www.kentz.com
Engineering and construction company Kentz has confirmed it has received takeover offers from UK engineering firm Amec and M&W; Group in Germany.
The board of directors has rejected the unsolicited takeover approaches, believing they undervalue the company.
A global organisation employing 14.500 people across 30 countries, Kentz started life in 1919 in Clonmel, Co Tipperary as a local electrical contractor.
According to a statement by the company today, Kentz has had a strong and consistent track record of revenue and earnings growth since its IPO in 2008.
“The company has strong growth prospects given its substantial order backlog, prospective bidding pipeline and robust balance sheet, together with a clear and realisable strategy to create further shareholder value as a standalone entity,” it said.