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Redrow withdraws from Bovis takeover offer

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What happened?

Redrow has made the decision to withdraw from a Bovis takeover offer.

Its share and cash offer was rejected by Bovis earlier this month, the firm will come back with a higher offer.

It said it decided to pull out from the offer as it was “not in its shareholders’ best interests to increase its proposal”, it will now focus on growth strategy.

Bovis also rejected an all-share takeover by Galliford Try, talks are still being negotiated.

David Ritchie, the chief executive of Bovis quit in January due to a profit warning which was issued by the company.

As well as this the firm had dealt with many customer complaints due to the quality of its homes, these were sold unfinished and had electrical and plumbing faults.

Back in February, Bovis announced its annual pre-tax profits, the figures had fallen three per cent to £154.7m.




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