5th Jul 2024 15:45
(Alliance News) - Crest Nicholson Holdings PLC on Friday spurned fresh deal-making interest a month after rejecting a possible offer from rival housebuilder Bellway PLC.
Responding to media speculation, the Surrey-based company said it has received unsolicited, preliminary, indicative proposals from Avant Homes regarding a possible all-share combination.
Avant – an affordable housebuilder focused on the Midlands, the North of England, and Scotland – is backed by US investment firm Elliott Advisors.
Crest said the most recent proposal was an all-share acquisition by Crest Nicholson of Avant in consideration for the issue of Crest Nicholson shares to Avant.
Crest Nicholson would retain its listing on the main market of the London Stock Exchange.
The proposal would have seen Avant own 30% of the enlarged group.
"None of the proposals from Avant involved a possible takeover offer by Avant for Crest Nicholson," the company said in a statement.
Crest Nicholson said it was not currently minded to engage in discussions and had explained the decision in a letter to Avant a week last Thursday.
Crest Nicholson last month said it had rejected a string of offers from competitor Bellway, including one worth GBP650 million.
The housebuilder said it felt the offers undervalued it and its future prospects.
Shares in Crest Nicholson rose 2.4% to 250.40 pence in London on Friday.
By Jeremy Cutler, Alliance News reporter
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