Galliford Try has rejected Bovis Homes’ bid to acquire its Linden Homes and Partnerships & Regeneration divisions.
Bovis Homes had submitted a proposal of £950m, including Galliford Try’s £100m 10-year debt private placement, on 8 May.
The acquisition would have seen Bovis take control of the housing business. Galliford Try would seek to remain a listed construction-focused group, entirely owned by shareholders.
Galliford Try rejected the bid on 24 May, claiming it did not fully reflect the value of the business and was not in the interest of all shareholders.
Bovis Homes and Galliford Try are no longer in discussions.
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