LONDON, April 5 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
(Reporting by Costas Pitas, Editing by Paul Sandle)