Serco quits £1.25bn bid talks after offer is rebuffed

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The services company said in a statement to the stock market that it was not engaged in talks over any major transaction.

The Sunday Telegraph reported that the bid had been rebuffed but Serco was "sweetening" its offer.

If the deal were to go through it would make Serco, which manages services for Britain's schools and armed forces and runs prisons and rail services, the biggest foreign company providing services to the US government. SRA is based in Fairfax, Virginia.

Serco, advised by UBS, was thought to have made its initial offer some weeks ago, the Sunday Telegraph said.