British engineering company Balfour Beatty today rejected Carillion's third merger proposal, saying it failed to address its concerns over risks to the business.
Balfour said its board had unanimously concluded that the offer was not in the best interest of its shareholders.
It said the offer did not address concerns over the sale of its US design and engineering business Parsons Brinckerhoff and the risks associated with reducing its UK construction business.
The company added that it would not be seeking an extension to the takeover deadline of August 21, which Carillion had requested yesterday. The latest offer had valued Balfour at £2.1 billion.