Freedom to extend contract

Leeds-based Spice announced that Freedom, the electricity business in its distribution division, has extended its contract with EDF Energy for the maintenance of building and civil assets. The extended contract runs to the end of 2015.

Martin Towers, the chief executive of Spice, said: "This is excellent news, built upon our exceptional service delivery and technical skills base."

Shares in Spice look likely to be de-listed from the London Stock Exchange by the end of November if its takeover by private equity firm Cinven goes ahead.

In a letter which has been sent to shareholders, the Leeds-based utilities support services firm said the 70p per share offer, which values Spice at 251.1m, "provides an attractive combination of value and certainty... and reflects the prospects of Spice".

The twice-improved offer by Cilantro Acquisitions, Cinven's newly-formed acquisition company, has been recommended by Spice's independent directors.

Under Cinven's wing Spice will have significant access to funds to grow, both organically and through acquisition, said the directors.

Shareholders will vote on the takeover at a meeting in London on November 4.