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28 May 2019 | 07:28

Galliford Try rejects £950m proposal from Bovis for housing businesses

Galliford Try rejected £950m share offer from homebuilder Bovis to acquire its housing businesses in exchange for new Bovis Homes shares. 'The Board rejected the Bovis Homes Proposal as it believes it does not fully value the Linden Homes and Partnerships & Regeneration divisions and is not in the interests of all shareholders,' the company said.

Bovis Homes had submitted a revised proposal on 8 May 2019 regarding the potential combination of Bovis Homes and Galliford Try's Linden Homes and Partnerships & Regeneration businesses for consideration of £950m together with the assumption of Galliford Try's 10-year debt private placement of £100m.

The offer was expected to be satisfied via the issuance of new Bovis Homes shares directly to Galliford Try shareholders.

'The Bovis Homes proposal envisaged Galliford Try remaining an independent UK-listed group focussed on construction and Galliford Try shareholders receiving new Bovis Homes shares pro rata to their current Galliford Try shareholdings,' it added.

Galliford reiterated that it remained 'confident' in the long-term prospects of the group.
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