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Sun October 20 2019

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Bovis seen as winner in proposed Galliford Try deal

16 Sep Share price movements suggest that the City sees Bovis Homes’ potential acquisition of Galliford Try’s house-building operations as a better deal for Bovis than for Galliford Try.

Bovis Homes chief executive Greg Fitzgerald
Bovis Homes chief executive Greg Fitzgerald

After Bovis Homes and Galliford Try revealed last week that they were back in talks, the share price of both companies went up, indicating shareholder approval but, after some initial wobbles, the Bovis share price has since gone up by twice as much as Galliford Try’s.

On the morning of Tuesday 10th September the two companies announced that they had reached a preliminary deal for Galliford Try to sell its house-building interests – Linden Homes and Galliford Try Partmerships – to Bovis Homes for £1.075bn. The deal, if it goes ahead, would leave Galliford Try as a pure construction contractor. [See our previous report here.]

By the end of the week, Galliford Try’s share price had risen by 5.4% from 664 to 700 pence, while Bovis Homes’ share price rose by 11% from 1022 to 1135 pence.

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