Galliford Try

Galliford Try rejects proposal from Bovis Homes

Galliford Try PLC has confirmed that it received a preliminary proposal from Bovis Homes Group PLC for the acquisition of Galliford Try’s Linden Homes and Partnerships & Regeneration divisions, in exchange for new Bovis Homes shares.

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.

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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