Earlier this month it was disclosed that rival house-builders Redrow and Galliford Try had both made opening approaches for Bovis Homes. Redrow鈥檚 offer, worth the equivalent of 814p per Bovis share, was dismissed by the Bovis board.
Redrow said that it reserved the right to come back with a new proposal. But Redrow鈥檚 team has now done further analysis and decided not to increase its offer.
鈥淕iven this, Redrow confirms that it does not intend to make an offer for Bovis,鈥� the company said today.
Galliford Try鈥檚 offer was worth 886p per share, valuing Bovis Homes at 拢1.19bn. Galliford Try鈥檚 discussions with Bovis Homes continue.
Galliford Try has until 5pm on 9th April 2017 to announce a firm intention to make a bid or walk away.
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