UK homebuilder Crest Nicholson rejects Bellway's £650m takeover offer, citing undervaluation.
UK homebuilder Crest Nicholson rejected a £650m ($827m) takeover offer from rival Bellway, stating the offer significantly undervalued the company. The all-share proposal at an implied 253p per share represented a premium of 18.8% over Crest Nicholson's closing share price of 213p. Bellway confirmed that it made an offer last month, believing there is a "compelling strategic and financial rationale" for a combination of the two companies.
June 13, 2024
18 Articles