British homebuilder Bovis has rejected a bid approach from rival Galliford Try but remains in negotiations about a possible deal, the firm said on Sunday, adding it had 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 firm.
“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.”
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 1.19 billion pounds ($1.45 billion), or 886 pence per share.
Bovis shares closed at 828 pence on Friday.
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