UK's Crest Nicholson rejects takeover proposal from Avant Homes, Sky News reports
July 5 (Reuters) - Crest Nicholson CRST.L has in the past 10 days rejected an all-share takeover bid from Elliott Advisors-owned Avant Homes, Sky News reported on Friday, citing City sources.
The bid from Avant, run by former Persimmon PSN.L chief Jeff Fairburn, would have seen Elliott become the biggest shareholder in the combined group, Sky News said.
One of the sources told Sky the combination risked representing an unattractive prospect for some Crest Nicholson shareholders.
The report did not say what the offer was worth.
Crest Nicholson, Avant and Elliott did not immediately respond to Reuters requests for comment.
Avant's approach comes weeks after the FTSE midcap housebuilder rejected a 650 million pound ($830.4 million) bid from Bellway BWY.L saying the all-share proposal undervalued the group.
Earlier this year, Barratt BDEV.L, one of the biggest homebuilders in Britain, agreed to buy Redrow RDW.L in an all-stock deal, while Vistry VTYV.L bought Countryside in 2022.
($1 = 0.7827 pounds)
Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Nivedita Bhattacharjee
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