Steve Morgan’s plan to take back private ownership of Redrow, the housebuilding company that he founded, are being opposed by the third biggest shareholder, according to reports.

Above: Steve Morgan

 The Financial Times reports this morning that Fidelity Worldwide Investments, which owns 10.5% of Redrow shares, sees Mr Morgan’s bid as ‘opportunistic’ and plans to oppose him.

Mr Morgan is executive chairman of the company and owns 40.4%. Last month he made a provisional offer of 152p per share to buy the remainder of the company – valuing it at £660m. His backers include the second biggest shareholder, Toscafund Asset Management, which owns 13.8%.

Under takeover rules, Mr Morgan must table a firm bid by 28 September if he wants to proceed.

• Click here to return to the previous page
• Subscribe to our free construction newsletters
• Click to register for your FREE tickets to PLANTWORX (14th-16th May 2013)