Crest Nicholson rebuffs approach from another rival

Grant Prior 10 months ago
Share

Crest Nicholson has confirmed it has been approached by another rival after rejecting a £650m takeover offer from Bellway last month.

The house builder said it had “received unsolicited, preliminary, indicative proposals from Avant Homes regarding a possible all-share combination of Crest Nicholson and Avant.”

It added: “None of the proposals from Avant involved a possible takeover offer by Avant for Crest Nicholson.

“The most recent indicative proposal was an all-share acquisition by Crest Nicholson of Avant in consideration for the issue of Crest Nicholson shares to Avant shareholders, whilst retaining the listing of Crest Nicholson on the Main Market of the London Stock Exchange.”

The rejected deal would have seen Avant and its main shareholder, Elliott Investment Management, own 30% of the enlarged group.

Avant Homes is run by former Persimmon CEO Jeff Fairburn.

Crest Nicholson added “it was not currently minded to engage in discussions regarding a potential transaction with Avant while in an offer period in relation to a possible all-share offer from Bellway.”

 

Latest news

Gilbert Ash to be sold to staff

£267m turnover contractor to transition to an Employee Ownership Trust
10 minutes ago

Cardo seals deal to save 100 jobs at Breyer roofing arm

Private equity-backed Welsh maintenance group continues to expand
2 hours ago

Czech energy tycoon buys UK’s biggest rebar supplier

Spanish offload Celsa UK operation to be rebranded 7 Steel UK
9 hours ago

Caddick Construction targets £400m turnover

Regional shake-up pays off at contracting arm
1 day ago

Redrow chief steps down after Barratt merger

Matthew Pratt leaving after 22 years
1 day ago

United Living names new property services senior team

New CEO and COO appointed to lead growth in housing upkeep and retrofit
8 hours ago

Wynne triples turnover in three years to over £90m

Five-year growth strategy pays off
9 hours ago

Speedy Hire blames Budget for branch closures

National Insurance rises accelerate closure programme
9 hours ago

Builder gets suspended sentence for Covid loan fraud

M&E specialist inflated turnover to claim maximum loan
10 hours ago

Scores of M&E firms win places on £400m CHIC framework

Axis Europe and Seddon secured spots on social housing deal
2 days ago

Coroner hears how worker was crushed under digger

Inquest opens into tragedy at Rose Builders site
2 days ago

Billington lowers 2025 forecast amid pricing pressure

Tender prices under pressure due to project delays and cancellations
1 day ago

Willmott Dixon lands Dover town centre revamp

Alliance agreed to regenerate several key council sites
2 days ago

Go-ahead for London City office-to-flats scheme

Hub's 150 Minories job in Aldgate to create 280 co-living homes
2 days ago

Wates mobilises as £200m Middlesbrough scheme approved

Gresham Street scheme includes a hotel, 240 flats and over 400 student rooms
2 days ago

Crashed M&E contractor TNA owed supply chain £7m

Sister company buys assets including company vans
2 days ago

Renaker eyes bumper 2025 despite Gateway 2 concern

Strong construction pipeline to support another record year
2 days ago

Wessex Water picks civils firms for £65m framework

Over 40 smaller firms will support AMP8 civils spending programme
2 days ago

Green light for nearly 400 flats at Leeds scheme

Three blocks up to 18 storeys approved at Armley Road
2 days ago

Subcontractors wanted across South London

Work up for grabs from main contractors and clients: Register now for Constructionline event
2 days ago

Heavy lorry ban on Severn Bridge as cables deteriorate

Crossing "not designed and built for today’s levels or weight of traffic"
2 days ago

Muse submits Oldham town centre regeneration plan

Plan advances for six sites to deliver 2000 homes, an hotel and office space
5 days ago

Construction returns to growth after two tough months

Concern grows Trump turmoil is spooking property investors
5 days ago

Skanska wins £43m Clifton Bridge deal

Contractors says scheme is a "complex project that will be delivered to tight timescales"
5 days ago

Green light for 44-storey Manchester resi tower

Developer Glenbrook to start hunt for main contractor
6 days ago

Ten win £670m Network Rail eastern region small works deal

CK Rail, QTS, Colt and Construction Marine pick up two lots
6 days ago

Mears aims to dominate in compliance and housing upkeep

Firm hails 100% rebid success on a slew of major contract renewals
6 days ago

Investigation after two track workers hit by wagon

Accident in Glasgow during engineering possession
5 days ago

Durkan finance chief joins house builder Thakeham

Paul Kimber confirmed as new Chief Financial Officer
5 days ago

Water win sees Mott MacDonald Bentley hunt for new staff

Recruitment event for the South of England: Register now
6 days ago

Contractor services