What's happened
Crest Nicholson, a UK housebuilder, is considering a new takeover bid from Bellway worth £700 million. This comes after rejecting previous offers from Bellway and attracting fresh interest from Avant Homes. Avant Homes, backed by Elliott Advisors, made a secret takeover offer to Crest Nicholson, which was rejected. Crest Nicholson's board is evaluating the improved bid from Bellway, indicating a potential recommendation to shareholders.
What's behind the headline?
What the papers say
According to The Independent, Crest Nicholson is considering backing a new takeover bid from Bellway, valuing the company at £700 million. The article highlights the improved offer from Bellway and the potential impact on Crest Nicholson's shareholders. Sky News reports that Avant Homes, backed by Elliott Advisors, made a secret takeover offer to Crest Nicholson, which was rejected by the board. The article discusses the competitive bidding environment in the UK housing sector and the upcoming deadline for Bellway to make a formal offer.
How we got here
Crest Nicholson has been the subject of takeover interest from rival housebuilders, including Bellway and Avant Homes. The rejection of previous offers by Crest Nicholson's board indicates a strategic evaluation of the company's value and future prospects. The housing sector in the UK has seen increased activity and competition among key players, leading to a flurry of takeover bids and negotiations.
Go deeper
- What are the key factors influencing Crest Nicholson's decision on the takeover bids?
- How might the outcome of these bids impact the UK housing market?
- Who are the major players involved in the takeover offers for Crest Nicholson?
Common question
More on these topics
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Crest Nicholson is a British housebuilding company based in Chertsey, Surrey. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
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Bellway plc is a residential property developer and housebuilder based in Newcastle upon Tyne, England. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
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Avant, LLC, formerly AvantCredit, is a private Chicago, Illinois-based company in the financial technology industry. The company was established in 2012 by serial entrepreneur Albert "Al" Goldstein, John Sun, and Paul Zhang.
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Elliott Management Corporation is an American investment management firm. It is also one of the largest activist funds in the world.
It is the management affiliate of American hedge funds Elliott Associates L.P. and Elliott International Limited. The Elli
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Persimmon plc is a British housebuilding company, headquartered in York, England. The company is named after a horse which won the 1896 Derby and St. Leger for the Prince of Wales. It is listed on the London Stock Exchange and is a constituent of the FTSE
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Currys is a British electrical retailer operating in the United Kingdom and Republic of Ireland, owned by Dixons Carphone. It specialises in selling home electronics and household appliances, with 295 megastores and 73 high street shops.
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Jeffrey Fairburn is a British businessman, currently chief executive of Berkeley DeVeer, a Yorkshire-based house-builder.
Fairburn was previously CEO of Persimmon plc, a British housebuilding company and constituent of the FTSE 100 Index, from April 2013