Bellway deadline for Crest offer extended

Bellway now has until the end of August 20 to decide if it will make a firm offer to acquire Crest Nicholson or withdraw it, with the deadline extended from today (August 8).

Following Crest’s expression of interest in Bellway’s latest takeover offer, valued at £720 million, in July, both housebuilders said “good progress” had been made on reciprocal due diligence “with a number of elements satisfactorily completed by both parties”.

But Crest said its board requested the deadline extension to grant further time for discussions between the two firms, “to fully conclude due diligence and the negotiation of definitive transaction documentation”. Crest rejected the larger housebuilder’s first two approaches in April and May as the offers, it said, significantly undervalued the business.

Bellway must make a decision by 5pm on August 20 although, as with today’s development, Crest’s board, with the takeover panel’s consent, can extend the deadline.

The two housebuilders said: “There can be no certainty that a firm offer will ultimately be made for Crest Nicholson by Bellway, even if the pre-conditions are satisfied or waived. Bellway reserves the right to waive any pre-condition to the making of an offer.”

On July 10, …