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Serco shares fall on reported collapse of bid talks
(Sharecast News) - Shares in Serco fell on Friday after a report that American Industrial Partners (AIP) contacted the UK government contractor about a potential bid for the company. The two sides are said to have engaged with one another, although it was unclear whether AIP had lodged a firm takeover proposal during their discussions, Sky News reported citing unnamed sources.
A person close to Serco insisted on Friday that there were no longer any active talks between them.
Serco, which has a market capitalisation of about £1.9bn, has a large number of UK government contracts, including processing asylum-seekers at two immigration centres in West Sussex and Bedfordshire.
Last year, it was awarded a contract to maintain and operate the UK's air defence radars for the next five years.
A Serco spokesman declined to comment, while AIP could not be reached for comment, Sky reported.
Reporting by Frank Prenesti for Sharecast.com
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