Bellway has abandoned its proposed £720m takeover of rival housebuilder Crest Nicholson.
Last week, Bellway announced it had been given a deadline extension to make an offer to acquire Crest Nicholson. The original deadline was 8 August, but Bellway was granted an extension until 20 August.
In a statement published earlier today, Bellway confirmed it did not intend to make a firm offer for the business.
Bellway submitted a revised circa £720m offer for the housebuilder in July after the board of Crest Nicholson rejected a second all-share takeover approach from Bellway in June, which valued the company at circa £650m. The board of Crest said it was “minded” to unanimously recommend the improved deal to shareholders should a formal offer be received.
On announcing the news earlier today, Bellway said: “As noted in its trading update released on 9 August 2024, Bellway remains confident that its robust balance sheet and operational strength, combined with the depth and quality of its land bank, will enable Bellway to deliver volume growth in the years ahead and support ongoing value creation for shareholders.”
