UK's Crest Nicholson says Bellway's new proposal undervalues group
All-share proposal worth about 253p/Crest share
Crest Nicholson had rejected initial proposal made in April
Recasts June 13 story with Crest Nicholson's response in paragraph 1, adds details; changes dateline
June 14 (Reuters) - British homebuilder Crest Nicholson CRST.L said on Friday rival Bellway's BWY.L revised and unsolicited 650 million pound ($828 million) all-share takeover offer "significantly undervalued" the group, sending shares up 8% in early trade.
Bellway on Thursday made public the new bid it had proposed on May 7, valuing Crest at 253 pence a share - a 30% premium to Crest's closing share price on the day of the bid.
An earlier offer was rejected in April, Crest said in a statement.
The latest bid, whichwould have valued Crest at about 650 million pounds ($829.53 million) according to a Reuters calculations, underscores consolidation efforts in the UK's homebuildingindustry.
Earlier this year, Britain's biggest homebuilder Barratt BDEV.L agreed to buy Redrow RDW.L in an all-stock deal, while Vistry VTYV.L bought Countryside in 2022.
A shortage of properties has been driving up the cost of owning a home in Britain and alienating many younger voters who, paying high rents, cannot see a way to own their own homes in the country where housing has long been a political issue.
The competition regulator had said builders and the government need to fix the shortage.
Bellway had saidthere was "compelling strategic and financial rationale" for a combination with Crest, withlong-term opportunities to grow in the market.
Earlier on Thursday, Crest warned its annual profit would drop by at least a third and reported an 88% slump in half-year earnings.
Bellway on the other handraised its annual average selling price forecast last week and pointed to strong trading in the spring selling season, as improved affordability from expected reductions in borrowing costs lifted customer confidence.
Crest shares were trading higher at 230.20 pence early on Friday, while Bellway stock was down 2.2% at 2,658 pence.
($1 = 0.7850 pounds)
Reporting by Aatrayee Chatterjee, Pushkala Aripaka and Aby Jose Koilparambil in Bengaluru; Editing by Tasim Zahid, Shilpi Majumdar and Nivedita Bhattacharjee
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料，僅適用於教育/資訊類用途，不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議，或是交易價格紀錄，或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容，包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接，皆爲‘按原狀’，並作爲一般市場評論所提供，而非投資建議。請理解和接受，所有被歸類為投資研究範圍的相關内容，並非爲了促進投資研究獨立性，而根據法律要求所編寫，而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊，相關詳情請點擊 這裡查看。
