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Wed May 29 2024

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Morgan moves to take Redrow private

31 Aug 12 Steve Morgan, the founder and chairman of listed housebuilder Redrow, has made a preliminary offer to take over the company.

Steve Morgan
Steve Morgan

He already owns 40.4% of the company after underwriting a share issue earlier this year.

Morgan’s investment vehicle Bridgemere Securities, together with Toscafund Asset Management (which already owns 13.8%) and Penta Capital, has made an initial approach that would offer Redrow shareholders 152 pence per share.

Bridgemere issued a statement this morning saying: “Bridgemere and Tosca/Penta wish to notify shareholders that they  have made an initial approach to the independent directors of Redrow and are considering the possibility of making an all cash offer for Redrow of 152 pence per Redrow share.  This approach is at a preliminary stage and no decisions have yet been made. There can be no certainty that an offer will ultimately be made for Redrow.”

It said that the offer price of 152 pence per Redrow share represented a premium of 23.8% to the 90 trading day volume-weighted average Redrow share price of 122.7 pence per share.

Redrow’s board will now establish a committee of independent directors to consider the approach. 

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