Sunday, July 21, 2024

Chesterfield-headquartered housebuilder’s bid for rival rejected

Chesterfield-headquartered Avant Homes has made a bid for housebuilder Crest Nicholson, battling offers from rival Bellway.

The latter, however, says it has rejected the “unsolicited, preliminary, indicative proposals from Avant Homes regarding a possible all-share combination of Crest Nicholson and Avant.”

The deal would retain the listing of Crest Nicholson on the Main Market of the London Stock Exchange.

The Avant proposal implied Avant shareholders, including its main shareholder, Elliott Investment Management, would own approximately 30 per cent of the enlarged group.

After evaluating the Avant proposal with its financial advisers, Barclays and Jefferies, Crest Nicholson concluded it was not currently minded to engage in discussions regarding a potential transaction with Avant due to being in an offer period for a possible all-share offer from Bellway. 

Crest Nicholson recently rejected a second bid from Bellway, saying it significantly undervalued the business and its future standalone prospects and was not in the best interests of Crest Nicholson’s shareholders.

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.

Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.