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Bovis Homes rejects two business offers

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13th Mar 17 8:32 am

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House builder Bovis Homes has rejected two potential offers from rivals in its sector.

The firm said it turned down two offers by Redrow and Galliford Try. However, talks with the latter continue.

Redrow came up with a share and cash deal whereas Galliford Try went for an all-share offer.

Bovis rejected the offers as they did not reflect the “underlying value of the Bovis business”.

The company 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.”

“Redrow subsequently indicated that it was not willing to improve the terms of its proposal and discussions were terminated. Discussions with Galliford Try are ongoing.”

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