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Bovis rejects Galliford Try proposal but hires its ex-boss as CEO

05 April 2017 08:01

Bovis Homes Group has rejected an approach by Galliford Try but appointed its former chairman and chief executive, Greg Fitzgerald, as the group's new CEO.

Fitzgerald spent more than 30 years of his career Galliford Try increasing the scale of the housebuilding business and improving profitability.

Bovis said Fitzgerald's appointment as CEO would take place with effect from 18 April when Earl Sibley would resume his role as group finance director.

Bovis also said that its board had reviewed Galliford Try's merger proposal and concluded that it failed to reflect the underlying value of the Bovis business.

It said the board had decided to reject the proposal as it believed that an independent strategy under Fitzgerald's leadership would deliver greater value for shareholders.

At 8:01am: (LON:BVS) Bovis Homes Group PLC share price was -1p at 845.5p

Story provided by StockMarketWire.com

Related Company: BVS

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