UK homebuilder Bellway abandons takeover bid for Crest Nicholson
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UK HOMEBUILDER Bellway said on Tuesday (Aug 13) it has decided to walk away from its £720 million (S$1.21 billion) takeover proposal for FTSE midcap peer Crest Nicholson.
Shares in Bellway rose about 4 per cent on the news, while Crest declined about 9 per cent.
Bellway said it does not intend to make a firm offer for Crest without citing a reason.
In a separate statement, Crest said it remained “confident in its standalone prospects”.
Last month, Crest said it might recommend to its shareholders the sweetened proposal if Bellway comes up with a firm offer. REUTERS
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