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UK homebuilder Bellway abandons takeover bid for Crest Nicholson

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Published Tue, Aug 13, 2024 · 08:10 PM
    • Bellway said it does not intend to make a firm offer for Crest without citing a reason.
    • Bellway said it does not intend to make a firm offer for Crest without citing a reason. PHOTO: REUTERS

    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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