The Galliford Try board rejected the proposal as it felt that it did not fully value the divisions and wasn’t in the interests of all shareholders.
The proposal was for a total consideration of £950m, along with the assumption of Galliford Try’s 10-year debt private placement of £100m.
This consideration was to be satisfied via the issuance of new Bovis Homes shares directly to Galliford Try shareholders.
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The two companies are now no longer in discussions.
Back in 2017, Bovis Homes Group revealed that it had received a proposal from Galliford Try outlining a potential merger, however the Bovis board concluded that the proposal did not reflect the underlying value of the business and rejected the offer.
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