The extent of Mouchel's dramatic unravelling this week has caught even the most cynical onlooker by surprise. Six months ago the firm's then suitors - Costain and Interserve - were offering final bids that valued Mouchel at 155p and 135p per share respectively. This week, those shares were selling at 13.5p, decimating the value of the company to below £18m. But - as contractors and consultants alike are under pressure to offer clients a fuller range of project services by making a mega-merger like CH2M Hill and Halcrow, and Aecom and Davis Langdon -Mouchel offers a timely lesson: it pays not to rush in. Both its former suitors, having ultimately been rejected by Mouchel for, ironically, not valuing the company highly enough, will be celebrating a lucky escape this week. And in this market especially, luck's not something you want to rely on.
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