Kier have been given a two-week deadline to propose a bid to rival Costain’s offer for May Gurney.
H&V News’ sister title Construction News reports that Kier have been told they must announce whether it will make a bid by 26 April 2013.
Kier is currently undertaking due diligence on the support services firm.
May Gurney’s statement says: “In accordance with Rule 2.6(d) and Section 4 of Appendix 7 of the Code, the Panel Executive has ruled that Kier must, by 5pm on 26 April, either announce a firm intention to make an offer for May Gurney under Rule 2.7 of the Code, or announce that it does not intend to make an offer.
“In the event that Kier announces that it does not intend to make an offer for May Gurney, Kier, and persons acting in concert with it, will be bound by the restrictions contained in Rule 2.8 of the Code for six months from the date of such announcement.”
On March 26, Costain announced its plans to merge with May Gurney.
The next day, Kier stated that they too would consider placing an offer.