British warship builder VT Group has rejected a £1.14bn ($1.79bn) takeover approach proposed by defence and engineering group Babcock International.
The board of VT Group has refused to enter into takeover discussions, according to Babcock.
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In 2009, Babcock made two formal approaches to VT before sending a letter to the board on 3 February outlining its takeover rationale.
VT Group is trying to buy infrastructure firm Mouchel and raised its bid for the acquisition of the firm.
A Babcock collaboration with VT has significant industrial and commercial logic, and would bring together two highly complementary businesses to create a large and focused international engineering support services company, according to Babcock.
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