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Housebuilder Crest Nicholson has rejected a takeover provide from rival Bellway, the newest signal of a consolidation push within the UK constructing sector this 12 months.
Bellway late on Thursday confirmed it had made an all-share provide for the smaller group following a report by React Information. Regardless of the bid being pitched at a 19 per cent premium to its most up-to-date share worth, Crest Nicholson on Friday stated the proposal “essentially undervalued Crest Nicholson and its future prospects”.
The transfer by Bellway follows Barratt’s profitable bid for Redrow this 12 months that might consolidate its place because the UK’s largest housebuilder.
L&G can be within the course of of promoting Cala Houses, a non-public homebuilder.
