Bellway deserts Crest Nicholson takeover
Last month the board of Crest Nicholson accepted Bellway's ₤ 720m takeover deal pending due diligence examinations of both sides. The board had actually formerly declined 2 deals from Bellway, most just recently in May when Bellway's deal of ₤ 650m was knocked back in spite of valuing Crest Nicholson at a 30% premium on its existing share rate.
While Bellway disappeared to reassess its deal, Crest Nicholson declined a method by competing house-builder Avant Homes. Avant had actually provided a ₤ 770m offer that would have offered Avant investors 30% of the bigger group and kept Crest Nicholson's stock market listing.
On 3rd July, following more conversations, Bellway sent a deal valuing business at ₤ 720m and providing Crest Nicholson investors 18% of the combined group. Bellway stated ...