1 Min Read
LONDON, April 5 (Reuters) - British housebuilder Galliford Try said on Wednesday it would not make a formal bid for fellow builder Bovis, the second of two suitors to pull out of a potential buyout of the ailing firm.
Bovis, whose CEO quit in January following a profit warning resulting from a failure to build enough homes on time, has been subject to takeover speculation since a major shareholder wrote to another builder suggesting a tie-up earlier this year.
"It has... 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 firm said on Wednesday.
Fellow builder Redrow said last week it would not make a formal offer after its initial bid was rejected at too low. (Reporting by Costas Pitas, Editing by Paul Sandle)