Kentz boss spurns takeover approaches Kentz posted a 3pc rise in pre-tax profits to $52.7m as revenues grew 1.5pc to $771.4m in the first half of the year, driven by a 47pc growth in the company's technical support arm, which provides a range of engineering services to oil and gas sites around the world. Mr Brown, in defending Kentz's position as a standalone company, said the record bids and backlog showed there was "growth in the engine yet." He added: "We are very confident we can continue to grow the company." These results confirm that Kentz is not only performing, but is also attractive as a takeover target. Certainly the numbers confirm that the Amec bid is far too low," said Malcolm Graham-Wood, analyst at VSA Capital, who believes the firm could fetch more than 700p per share. Although the company maintains its strategy is to remain independent, some key shareholders have signalled they would be sellers at 650p-670p, a price that reflects the Amec proposal and the 87p a share value of the £160m cash in the Kentz coffers. However, a source familiar with the bidding process said there were concerns the company's value would drop after it completes a lucrative contract on the Gorgon gas project in Western Australia, which is set to end in 2015 and accounts for 40pc of Kentz's backlog. Tipperary-based Kentz started as an Irish electrical contractor in 1919 but has grown to a global group employing 14,500 in 30 countries in engineering, oil and gas and construction operations. It is attractive to Amec for its presence in the emerging markets and its diversified range of businesses, which offer services from exploration, through to construction and production at oil and gas sites.