Oil and gas engineering group Kentz today said it has successfully fought off two suitors in a bid to keep its independence.
FTSE 250-listed Kentz, which employs 14,500 people in 30 countries, had been the subject of a £690 million bid approach from engineering giant Amec and a lower offer from Stuttgart-based M+W Group.
Kentz rejected both offers and M+W today said it had followed London-based Amec in walking away from a potential follow-up offer for the company.
Chief executive Christian Brown said: “While we have every confidence in our ability to deliver further value to our shareholders as an independent company, the board fully understands its responsibilities to all our shareholders.”
Kentz spans oil and gas, chemicals, mining and metals.
Its shares were down 13.5p at 486.5p.
