URS Corp. (NYSE:URS) didn’t take to much time off over the holiday weekend and instead made a huge takeover offer for Canadian oil and gas contractor Flint Energy Services. The construction giant offered $1.25 billion in cash for the company aimed at expanding its efforts in the oil and gas industry.
The deal will see URS take on Flint’s debt that stands at about $225 million which will take the offer of the deal up to $25 per share, a 68 percent premium on Flint’s closing price of $14.90 per share. URS stated that the deal, if approved, will increase its oil and gas revenue by around 22 percent annually.
The announcement came along with URS’s expectations for the 2012 fiscal year. The company stated that it expects to see between $292 million and $3 million in annual profits this year, equating to $3.95 to $4.05 per share. That profit would be on revenue of $9.9 billion to $10.1 billion. Analysts on average have projected earnings of $3.97 per share on revenue of $10.15 billion.
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