Atkins confirms possible offer from SNC-Lavalin

WS Atkins has received a cash takeover offer from Canadian rival SNC-Lavalin at a price of 2,080p per share, which valued the engineer at £2.1bn.

Atkins' board said the possible offer "would deliver value to Atkins shareholders at a level that the Board would be prepared to recommend", if it can agree the terms and conditions of a deal.

Following a 29% spike in the shares on Monday afternoon, the FTSE 250 company put out a statement, confirming it was in discussions with Lavalin about the terms and conditions of a deal, which remained conditional on due diligence and financing.

There can be no certainty that a firm offer will be made, Atkins said, nor the terms on which any firm offer might be made.

Quebec-headquartered SNC-Lavalin has offices in over 50 countries, providing engineering and construction services to clients in four industry sectors of oil and gas, mining and metallurgy, infrastructure and power.