Redrow won’t be making an offer for Bovis Homes, the housebuilder revealed in a bourse filing today (28 March). After rejecting Redrow’s initial offer two weeks ago, Redrow has said that it won’t be upping its bid.
“Further to the announcement made by Redrow on 12 March 2017 and following additional analysis, the Board of Redrow has determined that it is not in its shareholders’ best interests to increase its proposal to Bovis above the level which was rejected by the Board of Bovis,” the housebuilder said, adding that it will continue to focus on its organic growth strategy.
This just leaves rival bidder Galliford Try in the running. Galliford’s proposed all-share transaction for Bovis Homes was previously rejected, however the housebuilder said at the time that talks were ongoing.
PHOTO CREDIT: Nick Youngson