Babcock has said that it was approached by outsourcing rival Serco with a proposal for a mega-merger between the two companies, but the idea was rejected.
The aerospace firm said it had received an "unsolicited and highly preliminary proposal" from Serco in January, regarding a potential all-share combination.
However it was turned down by Babcock's board, on the grounds that it "had no strategic merit and was not in the best interests of Babcock's shareholders, customers or wider stakeholders".
The mega-merger would have formed a £4 billion defence giant, with both parties currently key suppliers to the Ministry of Defence.
Babcock maintains the Navy's nuclear submarine fleet, while Serco looks after the Aldmerston atomic weapons factory.
READ MORE: Serco signals Brexit boost possibility
The company's statement was made in response to a report in the Sunday Times, which said the proposal had initially been put forward by Serco's chairman, Sir Roy Gardner, to his Babcock counterpart, Mike Turner.
After this initial approach was rebuffed, Serco returned with the January offer. Under its terms, Sir Roy would have chaired the enlarged business while Serco's chief executive, Rupert Soames, would have taken the reins as boss.
Babcock said on Monday that no further proposal had been received since the rejection.
Superdrug's sales sizzled as summer temperatures soared last year, but the chain has revealed a dip in annual profits amid "challenging times" for the high street.
Revenue at the high street chain was up 3.3% in the 52 weeks to December 29, driven by the opening of 23 new stores during the period.
Sunshine-ready products did especially well due to the heatwave, with sales of bronzing gear up 29% and the Soilait suncare topping the bestselling products.
Meanwhile, sales of own brand vegan products were up 25%, as more consumers switched to conscious consumption.
However the business, which is part of global health and beauty retailer AS Watson Group, reported a pre-tax profit of £88.3 million, down from £92.9 million in 2017.
Peter Macnab, chief executive of AS Watson Health & Beauty UK, said: "We are pleased with the company's performance in challenging times, and I'd like to thank every team member for their hard work and contribution to these results.
"Our strategy for 2019 is to ensure we are offering all our customers everyday accessible health and beauty, giving them the beauty and health services they need in a vibrant and friendly store environment."
Last year also saw the launch of Superdrug's controversial Botox and dermal filler offers at its flagship London store, boosting health services sales by 84%.
In January, the chain agreed to screen customers for mental health problems before carrying out the procedures following an intervention by Professor Stephen Powis, NHS national medical director.
The brand became the biggest operator of nail bars and brow bars, with a total of 100 and 330 respectively.
Airtel Africa has set its sights on a £3.6 billion valuation as it pushes ahead with plans to float on the London Stock Exchange.
Africa's second largest mobile phone operator confirmed its initial public offering (IPO) on Monday, as it looks to start trading in London on June 28.
The group has set its price range for the float at between 80p and 100p per share, providing the firm with a market capitalisation of between £3 billion and £3.6 billion.
The company, which is owned by Indian telecommunications giant Bharti Airtel, operates a telecoms and mobile money business across 14 African countries.
Last month, Airtel Africa said it was considering the IPO as it seeks to cut its debt levels.
It will float between 595.2 million and 744 million new shares, to raise £595 million in equity, including an over-subscription option.
At least 25% of stock is expected to be freely floated immediately following the IPO.
Raghunath Mandava, chief executive of Airtel Africa, said: "We have built Airtel Africa into the second largest mobile operator in Africa and our clear strategy and efficient business model make us well positioned to capture the growth opportunities across our markets, in voice, data and mobile money.
"Our leadership position, positive track record and the exciting growth opportunities in the markets where we operate, have resulted in significant interest in our business.
"We are excited to be able to give an opportunity to a broader audience of institutional investors to participate in some of the fastest growing telecom and payment markets in the world through the IPO of Airtel Africa shares on the London Stock Exchange."
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