LONDON, March 12 British homebuilder Bovis
has rejected a bid approach from rival Galliford Try
but remains in negotiations about a possible deal, the
firm said on Sunday, adding it had also rejected a proposal from
another suitor, Redrow.
"Discussions with Galliford Try are ongoing," a Bovis
statement said. It said an initial all-share offer had been
rejected, alongside a share and cash bid from Redrow because
neither reflected the underlying value of the firm.
"The board also concluded that the Redrow proposal was not
in the interests of Bovis shareholders as the cash element of
the offer would require shareholders to crystallise value at the
current Bovis valuation."
"Redrow subsequently indicated that it was not willing to
improve the terms of its proposal and discussions were
Galliford Try confirmed it was in talks over a possible
purchase, saying it had made an offer that would value the
entire issued equity of Bovis at 1.19 billion pounds ($1.45
billion), or 886 pence per share.
Bovis shares closed at 828 pence on Friday.
($1 = 0.8226 pounds)
(Reporting by William James and Costas Pitas; Editing by Mark