The board of Crest Nicholson intends to “unanimously” recommend shareholders to accept this, should a formal offer be tabled.

This recommendation is being made after the boards found a “compelling strategic and financial rationale for a combination.

 The deadline for a firm offer is 5pm on 8th August.

This latest offer, submitted on 3rd July, follows other attempts from Bellway to acquire the fellow housebuilder.

On 14th June, Crest Nicholson confirmed it had received two unsolicited preliminary proposals from Bellway which were both unanimously rejected by Crest’s board.

Bellway cites “significant operational benefits” for the acquisition, with the potential ability to open dual outlets on at least 10 current and future Crest Nicholson sites.

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Bellway would also intend to retain the Crest Nicholson brand and deploy it across the enlarged group.

The £720m offer represents a 28.3% premium to the closing price of Crest Nicholson on 13th June, implying a value of £2.73 per share.

Under the revised terms of the deal, Crest Nicholson shareholders would receive 0.099 shares in Bellway for every Crest Nicholson share they own.

They would also receive a dividend of 4p per Crest Nicholson share.

Bellway declined to comment further on the matter. Crest Nicholson was unavailable for comment.

Last month, Bellway upgraded its price guidance for new units amid a resurgence in selling activity.

In the months running up to the trading update, Bellway revealed its private reservation rate per outlet per week had increased by 6.9%.