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| Bovis in talks with rival builder Galliford Try after rejecting £1bn deal | Bovis in talks with rival builder Galliford Try after rejecting £1bn deal |
| (35 minutes later) | |
| The British homebuilder Bovis says it has rejected a £1bn approach from its rival Galliford Try but remains in negotiations about a possible deal, and has also rejected a proposal from another suitor, Redrow. | The British homebuilder Bovis says it has rejected a £1bn approach from its rival Galliford Try but remains in negotiations about a possible deal, and has also rejected a proposal from another suitor, Redrow. |
| “Discussions with Galliford Try are ongoing,” a Bovis statement said. It said an initial all-share offer had been rejected, alongside a share and cash bid from Redrow, because neither reflected the underlying value of the company. | |
| “The board also concluded that the Redrow proposal was not in the interests of Bovis shareholders as the cash element of the offer would require shareholders to crystallise value at the current Bovis valuation,” it said. | “The board also concluded that the Redrow proposal was not in the interests of Bovis shareholders as the cash element of the offer would require shareholders to crystallise value at the current Bovis valuation,” it said. |
| “Redrow subsequently indicated that it was not willing to improve the terms of its proposal and discussions were terminated.” | “Redrow subsequently indicated that it was not willing to improve the terms of its proposal and discussions were terminated.” |
| Galliford Try confirmed it was in talks over a possible purchase, saying it had made an offer that would value the entire issued equity of Bovis at £1.19bn, or 886p a share. | Galliford Try confirmed it was in talks over a possible purchase, saying it had made an offer that would value the entire issued equity of Bovis at £1.19bn, or 886p a share. |
| Bovis shares closed at 828p on Friday. | Bovis shares closed at 828p on Friday. |