(MENAFN) Balfour Beatty, British infrastructure group, said it had rejected a USD1.6 billion bid from John Laing Infrastructure Fund for its public-private partnership assets, Oman Observer reported.
The non-binding proposal from the fund, an investor in hospitals, roads and schools, was made last week. Balfour said it fell significantly short of its own valuation of the portfolio.
Earlier in August, Balfour Beatty has increased the value of the offer by 46 percent to USD1.63 billion, in part reflecting Britain's economic recovery.
The company said it intended to publish an updated valuation in January, which would take into account recent contract wins, further investments and disposals, and its investment pipeline.
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