March 13 (Reuters) - Redrow Plc
* The Board of Redrow confirms that Redrow made an initial approach to the Board of Bovis on 27 February 2017, when Bovis’ share price was at £7.74, and subsequently made a merger proposal.
* The Proposal consisted of £1.25 per Bovis share in cash and 1.32 new Redrow shares in exchange for each Bovis share, representing a value of £6.59 per Bovis share based on the Redrow share price of £4.99 as at 10 March 2017.
* Bovis shareholders on the register on 24 March 2017 would remain entitled to receive the final dividend of £0.30 per share in respect of the period ended 31 December 2016, as announced by Bovis on 20 February 2017.
* The total value of the Proposal would therefore be £8.14 per Bovis share.
* Redrow continues to believe potential combination with Bovis offers a compelling opportunity to create a combined business with scale and operational strength
* The potential combination would offer a balanced geographic mix of revenue, including a complementary current land bank and forward land bank mix.
* There can be no certainty that any offer will ultimately be made for Bovis Source text for Eikon: Further company coverage: (Reporting By Pamela Barbaglia)