PRESS: Breedon made bid approach to rival Marshalls - Sky News

FTSE 250-listed construction materials firm Breedon Group PLC approached Marshalls PLC about a potential merger earlier this year, Sky News reported on Monday.

The outlet said it has learnt that Derby, England-based Breedon had contacted hard landscaping products manufacturer Marshalls with an all-share takeover proposal.

However, Marshalls "is understood to have rebuffed the approach."

Sky said the two companies are not thought to be having any live discussions.

It noted that Breedon's market capitalisation exceeds £1 billion, while Yorkshire, England-based Marshalls' is near £400 million, meaning that a merger would have created a £1.5 billion construction group.

Sky News said spokespeople for both companies declined to comment.

However, an unnamed "leading institutional shareholder" said the approach "had possessed industrial logic," and they "expressed surprise that it had not been made public."

Breedon shares were down 2.9% at 301.20 pence on Monday afternoon in London. Marshalls shares were up 0.8% at 152.90p each.

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