Britain's Galliford rejects Bovis Homes bid for home building arm

Britain's Galliford rejects Bovis Homes bid for home building arm
By Reuters
Share this articleComments
Share this articleClose Button

(Reuters) – Britain’s Galliford Try plc said on Saturday it had rejected a bid from home builder Bovis Homes Group as the offer was not in the interests of all shareholders.

Galliford Try said in a statement that Bovis intented to buy Galliford Try’s Linden Homes and Partnerships & Regeneration arm in exchange for new Bovis Homes shares.

Sky news, which reported the deal-talks first, cited a Bovis insider saying it was unlikely Bovis would be interested in Galliford Try’s troubled construction division, which was responsible for a recent profit warning.

If the companies pursue a full merger, the combined entity could be valued at about 2 billion pounds ($2.5 billion) and a significant chunk of any offer from Bovis for part or all of Galliford Try is likely to be in shares, Sky News said.

Bovis Homes Group declined to comment.

(Reporting by Rishika Chatterjee and Maria Ponnezhath in Bengaluru; Editing by Alexander Smith)

Share this articleComments

You might also like

Why are Europeans paying more for their iPhones?

Austerity measures undermine human rights, new report says

Germany went from envy of the world to the worst-performing major developed economy. What happened?