LONDON (ShareCast) - Social housing firm Connaught (LSE: CNT.L - news) has made a £13.3m recommended offer for environment services
firm
Fountains (LSE: FNT.L - news) .
The group, which said today that it was confident of delivering full-year results in line with expectations, also confirmed it is in final negotiations to acquire two compliance services businesses.
Connaught said shareholders will receive 0.2377 new Connaught shares for each Fountains share held, valuing Fountains share at approximately 88p, a 43.1% premium to yesterday's closing price.
The group said Fountains will significantly enhance Connaught's capabilities in the environmental space, expanding both its service offering and client base in this large, fragmented market.
Connaught also said it is in final stage negotiations to acquire two complementary, bolt-on, compliance services businesses which it expects to announce in the near future.
The group said it remains confident of delivering full year results in-line with management's expectations. Both its Social Housing and Compliance businesses continue as expected.
It has a year to date order intake now standing at over £650m.
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