Bovis and Galliford Try in €2.86 billion merger talks

By Thomas Allen13 March 2017

The British housebuilding company Bovis Homes rejected initial proposals from two housebuilding and general construction companies, Galliford Try and Redrow, but are still discussing a potential merger with Galliford Try.

Redrow were not willing to improve their share and cash offer, which would have given Bovis a 32.4% stake in any merged group.

The initial offer from Galliford Try valued Bovis at £1.19 billion (€1.36 billion) and would have made Galliford Try the 52.25% majority shareholder in the merged company. According to City takeover rules, Galliford Try now has until 9 April to make a new offer.

If the merger went ahead, the resultant group would have a market value of around £2.5 billion (€2.86 billion), which would make it a top-five UK housebuilder.

In the meantime, the company said, “The Board of Bovis remains committed to maximising returns to shareholders and will continue to consider all strategic alternatives.”

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