Rapped knuckles for one of the US bidders for consultancy group Scott Wilson.
The Takeover Panel has announced that San Francisco-based engineer URS breached the rules by saying it might raise its offer from 210p a share to 245p. URS should have committed itself and specified the details, said the panel, and now has until Friday morning to do so.
URS has seen its original offer topped by a 245p offer from Colorado group CH2M Hill, which valued Scott Wilson at £161m. But it has the right to match any rival bid and retain Scott Wilson's recommendation.
Scott Wilson's board will meet today and wants URS to confirm its intentions by then, so the UK company can decide its next move and inform the market. All sides have agreed to the terms of the Takeover Panel's announcement.
Clearly the market believes a higher bid will emerge. Scott Wilson's shares sit at 260.25p, down 0.75p.
