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UK housebuilder rejects £650m offer from rival
14 June 2024
UK housebuilder Crest Nicholson has rejected a £650 million (US$828 million) takeover offer from its rival Bellway.
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Crest Nicholson said that the unsolicited proposal from Bellway in relation to a possible all-share offer “significantly undervalued” the business and its future standalone prospects.
The revised offer follows an earlier approach from Bellway on 25 April this year.
Bellway said that it believed there was a “compelling” strategic and financial rationale for combining the two companies and that it would reinforce Bellway’s position as a major housebuilder while offering Crest Nicholson’s shareholders a reduced risk profile, lower indebtedness and an enhanced land bank.
Following Crest Nicholson’s rejection of the latest offer, it now has until 11 July to make a firm offer or to announce that it does not intend to make another offer.
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