Earlier this month it was disclosed that rival house-builders Redrow and Galliford Try had both made opening approaches for Bovis Homes. Redrow’s offer, worth the equivalent of 814p per Bovis share, was dismissed by the Bovis board.
At the time Redrow said that it reserved the right to come back with a new proposal. But Redrow’s team has now done further analysis and decided not to increase its offer.
“Given this, Redrow confirms that it does not intend to make an offer for Bovis,” the company said today.
Galliford Try’s offer was worth 886p per share, valuing Bovis Homes at £1.19bn. Galliford Try’s discussions with Bovis Homes continue.
Galliford Try has until 5pm on 9th April 2017 to announce a firm intention to make a bid or walk away.