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.”