In response to media reports, Tutor Perini Corp. (NYSE: TPC), a leading civil, building and specialty construction company, confirmed March 2 that a Special Committee of its Board of Directors comprised of independent directors, on behalf of the company, is engaged in discussions regarding a potential transaction for the acquisition of Tutor Perini.
The Special Committee expects that Ronald N. Tutor, Chairman and Chief Executive Officer, would continue to retain his management leadership role with the company and significant shareholdings in the company following any potential transaction. No definitive agreement providing for a transaction has been reached, and there can be no assurances that any transaction will result from these discussions or as to the terms, timing or approval of any such transaction that may be proposed.
The Special Committee has retained Goldman Sachs & Co. LLC to serve as its financial advisor and Gibson, Dunn & Crutcher LLP and DLA Piper LLP (US) to serve as its legal counsel to assist in its consideration of a potential transaction.
The company does not intend to make any additional comments regarding this matter unless and until a definitive agreement providing for a transaction has been reached or the company determines that further disclosure is required by law or necessary.
Rueters reports that Tutor Perini had been approach by Apollo Global Management with an offer of nearly $1 billion. Construction Drive reported that Tutor Perini reported losses of $86 in the the fourth quarter of 2019 and $287.7 million for the year. Rueters reported that the company had a total debt of $834.5 million at the end of the December.
Tutor Perini is currently working on projects for the LA Metro, including the Purple Line Phase 2 and Phase 3 projects. Other recent underground projects include the SR 99 tunnel project in Seattle, and the Central Subway stations, tracks and systems contract in San Francisco.