UK's Crest Nicholson rejects takeover proposal from Avant Homes, Sky News reports
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 05 2024
0mins
Source: reuters
- Crest Nicholson Rejected Takeover Bid: Crest Nicholson rejected an all-share takeover bid from Avant Homes, owned by Elliott Advisors, in the past 10 days.
- Avant Homes' Offer Details: The bid from Avant, led by former Persimmon chief Jeff Fairburn, would have made Elliott the largest shareholder in the combined group.
- Concerns Raised by Shareholders: Some Crest Nicholson shareholders found the proposed combination unattractive, according to sources.
- Previous Rejection and Acquisitions: Crest Nicholson had previously turned down a 650 million pound bid from Bellway, citing undervaluation. Barratt agreed to buy Redrow, and Vistry acquired Countryside in recent deals.
- Lack of Response: Crest Nicholson, Avant, and Elliott did not immediately respond to requests for comment on the matter.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
