In a statement yesterday, McAlpine said: "Any offer of 260p a share would not be recommended for acceptance." It also expressed doubts about Brunswick's ability to finance a cash offer for its entire share capital. The offer would value the company at pounds 264m. Brunswick first tabled an offer - at 220p a share - in April. On 2 September, McAlpine posted pre- tax profits up 52 per cent at pounds 17.3m.