Shareholders of engineering, construction, and maintenance services provider UGL Limited (ASX: UGL) have certainly had a good start to the week. Its share price has rocketed higher by over 47% following a takeover offer.

Construction giant Cimic Group Ltd (ASX: CIM) announced this morning that it intends on making a final unconditional offer to acquire all UGL shares that it doesn’t already own for a price of $3.15 per share.

The offer price of $3.15 per share is a 47% premium to the last close price and will be funded using CIMIC’s available funds or existing debt facilities.

According to the release CIMIC’s management believes UGL’s competencies are complementary to its existing operations and will enhance its capabilities in new activities.

CIMIC has moved fast and has already received Foreign Investment Review Board approval for the offer. Furthermore, the Australian Competition and Consumer Commission has pre-assessed the proposed transaction and indicated that it doesn’t intend on conducting a public review.

Although the offer is still around 50% lower than where the shares were trading two years ago, it certainly seems to be the best the embattled company could hope for right now.

Things have been going from bad to worse for the company in recent times. In June UGL’s shares were crushed when management warned of potential contract losses to the tune of $200 million from its Inpex Ichthys liquified natural gas project.

If the takeover occurs it will be the second engineering company in as many weeks to be acquired. Last week Bradken Limited (ASX: BKN) agreed to a takeover bid by Japan’s Hitachi Construction Machinery for $688.5 million.

With the shares of GR Engineering Services Ltd (ASX: GNG) bouncing higher today, some investors appear to be speculating that it could be next in line for an offer.

Missed out on gains today? Don't worry, these rapidly growing shares could be next in line to bolt higher in the months ahead in my opinion.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.