British outsourcer Serco has made two attempts to merge with its bigger outsourcing rival Babcock, a deal which would create a company worth £4 billion (US$4.7 billion), the Sunday Times reported.
Serco made a preliminary approach late last year, according to the newspaper. Serco’s Chairman Roy Gardner contacted his counterpart at Babcock, Mike Turner, who rejected the offer, according to the report.
Serco then returned with a more detailed proposal for an all-share merger in January, the newspaper stated.
Both companies could not immediately be reached for comment outside of normal business hours.