Chesterfield-headquartered Avant Homes has made a bid for housebuilder Crest Nicholson, battling offers from rival Bellway.
The latter, however, says it has rejected the “unsolicited, preliminary, indicative proposals from Avant Homes regarding a possible all-share combination of Crest Nicholson and Avant.”
The deal would retain the listing of Crest Nicholson on the Main Market of the London Stock Exchange.
The Avant proposal implied Avant shareholders, including its main shareholder, Elliott Investment Management, would own approximately 30 per cent of the enlarged group.
After evaluating the Avant proposal with its financial advisers, Barclays and Jefferies, Crest Nicholson concluded it was not currently minded to engage in discussions regarding a potential transaction with Avant due to being in an offer period for a possible all-share offer from Bellway.
Crest Nicholson recently rejected a second bid from Bellway, saying it significantly undervalued the business and its future standalone prospects and was not in the best interests of Crest Nicholson’s shareholders.
