Galliford Try has announced that it is no longer considering a merger with Bovis Homes.
It said: “Since the approach, the leadership teams of Galliford Try and Bovis have held discussions over a number of weeks that have been largely constructive. It has, however, become clear to the board of Galliford Try that it is not possible to secure the support of the board of Bovis on terms that represent the best interests of Galliford Try shareholders.”
The decision comes a week after Redrow gave up its takeover attempt.
Bovis said it has been in discussions with Galliford’s board since the approach was made last month, but ultimately decided to reject the offer when Galliford did not up its bid and stated that the move did not “reflect the underlying value of Bovis business”.
Bovis Homes separately announced that it has hired Galliford’s former boss Greg Fitzgerald as chief executive.
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